WASHINGTON >> Long-term U.S. mortgage rates fell this week for the first time this year as the spring home-buying season begins. The decline comes after nine straight weeks of increases that pushed borrowing costs higher.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate mortgages slipped to 4.44 percent from 4.46 percent last week. The new average rate remains at a high level, however, raising concern that home sales could be dampened. The benchmark rate averaged 4.30 percent a year ago.

The average rate on 15-year, fixed-rate loans declined to 3.90 percent from 3.94 percent last week.

Mortgage rates rose steadily in January, February and early March as interest rates generally increased in response to higher levels of government debt and expectations of rising inflation.

In addition to higher mortgage rates, home affordability also has been affected by increases in average home prices that have eclipsed wage growth. And the number of homes for sale has been shrinking.

Kapalua’s golf course to undergo remake

The 27-year-old Kapalua Golf Plantation Course, annually rated as a top-100 golf course in the world, will undergo a multimillion-dollar enhancement project beginning in February with a completion date scheduled for November 2019.

Bill Coore and Ben Crenshaw, the original Plantation Course design team, will assist with the project.

Enhancements will include resurfacing all greens with Tif Eagle Bermuda; renovating every bunker on the golf course; and re-grassing tees, fairways and roughs with state-of-the-art Celebration Bermuda turf.

New tee complexes also will be added, including additional forward tees to help increase guest enjoyment, and several new tournament tees also will be built on key holes to further test PGA Tour professionals during the Sentry Tournament of Champions.

ON THE MOVE

Bank of Hawaii has announced the following promotions and new hires:

>> Janelle Kumabe to vice president and compliance and operational risk manager of its Commercial Banking Group from assistant vice president. Kumabe joined the bank in 2014. Her previous positions include accounting operations and reconcilement supervisor, and financial operations manager. She also worked as a CPA consultant and an auditor for various Honolulu firms.

>> Johnny Lau as vice president and information security risk and controls manager for its Information Risk and Controls Management department. Lau has been assistant vice president-risk operation and information security officer for HawaiiUSA Federal Credit Union, vice president-director of continuity of operations for American Savings Bank, continuity of operations manager for Hawaii Pacific Health, information systems manager for Belt Collins and information systems administrator for WATG.

>> Vincent Chan as vice president and IT audit manager for its Internal Audit department. Chan was previously an IT auditor at Hawaiian Electric Industries, with certifications as an information systems auditor, information systems security professional, and in risk and information systems control. Chan also serves as secretary of the ISACA Hawaii chapter board of directors and is past president of the Hawaii Electric Ward Toastmasters Club.