WASHINGTON >> Long-term U.S. rates slipped this week, reversing two straight weekly increases.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages fell to 3.88 percent from 3.91 percent last week. A year ago the benchmark rate stood at 3.52 percent.

The rate on 15-year, fixed-rate mortgages, popular with homeowners who are refinancing, dipped to 3.19 percent from 3.21 percent last week. A year ago the 15-year rate was 2.79 percent.

Long-term home loan rates tend to track the yield on 10-year U.S. Treasury notes, which fell this week.

The Federal Reserve, citing an improved outlook for the U.S. economy, has raised short-term interest rates twice this year and is expected to raise them again at its December meeting.

Toyota tops auto reliability rankings

DETROIT >> Toyota Motor Co. is continuing its reign at the top of Consumer Reports’ reliability rankings, a reward for its conservative approach to new technology.

The Toyota brand came in first in this year’s rankings, followed by the company’s luxury Lexus brand. It’s the fifth year in a row that a Toyota brand has topped the survey. Kia, Audi and BMW rounded out the top five.

Cadillac, GMC, Ram, Dodge and Volvo got the poorest reliability scores, dinged by buyers’ problems with their infotainment systems and transmissions.

Consumer Reports predicts reliability of 2018 vehicles based on a survey of its subscribers, who owned or leased 640,000 vehicles from the 2000-2017 model years. Consumer Reports forecasts how a model will perform based on recent data for that model. The magazine gives more weight to mechanical and safety issues than minor problems like wind noise.

The magazine’s rankings are closely watched in the industry, since many buyers seek advice from Consumer Reports.

ON THE MOVE

First Hawaiian Bank has announced the following new vice presidents:

>> Norman Hong is the new vice president and sales manager for the bank’s Mortgage Banking Department. He has 17 years of residential lending industry experience.

>> Kirsten Kemper is the new vice president and manager of the bank’s Real Estate Fulfillment Center. She has 23 years of experience.

Alexander & Baldwin has named Eric Stephens as its new director of technology solutions. He was previously a vice president of IT business applications management for Bank of Hawaii. He also worked previously for CSM Bakery Services and Macy’s Systems and Technology.