30-year mortgage rates fall to 4.55%

WASHINGTON >> Long-term U.S. mortgage rates were flat to lower this week. The benchmark 30-year rate marked its fourth decline in the past five weeks.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.55 percent, down from 4.57 percent last week. By contrast, the 30-year rate averaged 3.88 percent a year ago.

The average rate on 15-year, fixed-rate loans was unchanged from last week at 4.04 percent.

GDP revised down to 2% rate in first quarter

WASHINGTON >> U.S. economic growth in the first quarter was revised down to a lackluster 2 percent — a sharp deceleration and the poorest showing in a year. But economists expect a significant rebound in the current quarter, forecasting a sizzling growth rate of 4 percent or more.

The Commerce Department said Thursday in its final estimate for the January-March quarter that gross domestic product, the country’s total output of goods and services, was even weaker than previously thought.

ON THE MOVE

>> The Ritz-Carlton Residences, Waikiki Beach, has appointed Farrah Truong director of revenue management. Truong has 10 years of experience in Hawaii’s revenue management industry, including serving as director of revenue management for the Moana Surfrider, a Westin Resort & Spa, as well as a management trainee for Starwood Hotels & Resorts Hawaii.