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Households in Honolulu spent an average of $65,099 per year in 2016-2017, 11 percent above the $58,681 U.S. average, according to a consumer expenditure survey released Thursday by the federal Bureau of Labor Statistics.
Housing in the Honolulu area averaged $24,355 annually and was the largest expenditure category, accounting for 37.4 percent of a Honolulu household’s total spending, compared with the national average of 33 percent.
Food was the next-largest expenditure category, accounting for 15.4 percent of local household budgets, compared with 12.7 percent nationally.
Additional data for Honolulu and other selected metropolitan areas in the West Region can be found online at www.bls.gov/cex/2017/msas/west.pdf.
Hawaii State FCU gives $40K in grants
Hawaii State Federal Credit Union has funded classroom needs for a record 79 public school teachers on Oahu, Maui, Hawaii Island, Kauai and Lanai through the 2018 Investing in Education grant program. In celebration of the program’s 10th anniversary, the credit union awarded nearly $40,000 in grants this year, doubling its annual $20,000 grant award.
The Investing in Education grant program supports Hawaii public school teachers by providing up to $500 for educational resources and classroom activities. The educators, who teach a range of subjects in elementary, middle and high school, were selected based on essay submissions detailing their classroom needs.
30-year mortgage rate falls to 3-month low
WASHINGTON >> U.S. long-term mortgage rates fell this week to their lowest level in three months, an inducement to prospective homebuyers in a haltingly recovering market.
Continued steep declines in the stock market pushed home borrowing rates lower, although they remain much higher than a year ago. Mortgage giant Freddie Mac said Thursday the average rate on the benchmark 30-year, fixed-rate mortgage dropped to 4.63 percent from to 4.75 percent last week. The key rate stood at 3.93 percent a year ago.
The rate on 15-year fixed-rate loans fell to 4.07 percent from 4.21 percent the previous week.
As mortgage rates have ended the year with declines, prospective buyers have been wading in. Mortgage applications in the week ended Dec. 7 rose 1.6 percent from a week earlier, according to the Mortgage Bankers Association. Refinance applications increased 2 percent while applications for home purchases were up 3 percent.
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ON THE MOVE
>> Bank of Hawaii has promoted Cindy A. Wong to vice president and international banking officer from assistant vice president in the International Client Group. Wong has more than 30 years of experience working with banking clients of high net worth, including working at Citibank International Hawaii for 19 years. Wong joined Bank of Hawaii as a consultant in 2008 to help develop new business for the International Banking Division.
>> Hawaii Foodbank has appointed Lillian Goo Rodolfich as the new vice president and chief financial officer as of last month. Rodolfich has more than 20 years’ experience in finance and accounting, including serving as interim vice president of finance at Catholic Charities Hawaii. She also served in various positions with Alexander & Baldwin, Queen Liliuokalani Trust, Kamehameha Schools, Aloha Air Cargo and Associa Hawaii.
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