Rate on 15-year loan sinks to record-low 2.61 percent
WASHINGTON >> The average U.S. rate on the 15-year fixed mortgage fell last week to its lowest level on record, making refinancing and home-buying more attractive to those who can qualify.
Mortgage buyer Freddie Mac said Thursday that the average rate for the 15-year fixed loan fell to 2.61 percent. That’s down from 2.64 percent last week and the lowest rate on records dating back to 1991. The previous record low of 2.63 percent was reached in November. The average rate on the 30-year fixed mortgage also moved closer to its record low, dropping to 3.40 percent. That’s down from 3.41 percent last week and just above the previous record of 3.31 percent, also reached in November.
Low mortgage rates are helping drive a housing recovery that began last year.
Exxon earnings up but production slips
NEW YORK » Exxon Mobil Corp. managed to increase earnings slightly in the first quarter thanks to surging profits from its chemical business and lower taxes.
But Exxon makes the bulk of its profit by producing oil and natural gas. And that business slumped — again — in the first three months of the year as production and revenue declined. It was the seventh straight quarter in which production declined compared with the year earlier.
The company had net income of $9.5 billion, or $2.12 a share, compared with $9.45 billion, or $2 a share, a year ago. Revenue dropped to $108.8 billion from $124.1 billion.
Higher fares lift Southwest Airlines’ profit
DALLAS » Higher fares helped Southwest Airlines Co. make more money than Wall Street expected in the first quarter, but the company said Thursday that automatic federal spending cuts could hurt revenue in April.
The average passenger fare on Southwest is now more than $150 one-way, 4 percent higher than a year ago.
Net income fell 40 percent to $59 million, or 8 cents a share, from $98 million, or 13 cents a share, a year ago, when the airline booked $116 million in net one-time gains.
United Air optimistic despite $417M loss
United Airlines says it’s on the way to fixing the reliability problems that have driven away travelers. Now it needs to reliably make money. The airline’s parent company reported a $417 million first-quarter loss Thursday. CEO Jeff Smisek was disappointed with the financial result but said the airline is making strides in customer service that will eventually help the bottom line.
ON THE MOVE
Rey Armijo has been named the Hawaii market manager for Walmart. His responsibilities are to oversee the operations of nine Walmart stores in Hawaii. Armijo has been with the company for 19 years.
Lite Hotels, a division of Aqua Hospitality, has announced the promotion of Hilmy Dole to general manager for the beachfront Kauai Sands Hotel. He joined Aqua in June as a hotel manager and has more than 20 years of experience in the visitor industry.
Olsten Staffing Services has announced that Leianne Pedro has been hired as general manager. Her responsibilities include overseeing all sales, operations, management and marketing of the company’s business team and services. Pedro previously worked at Hagadone Printing Co. as vice president of sales and marketing.
Coldwell Banker Pacific Properties has announced that Richard M. Constant has joined the firm’s Leeward office. Prior to joining CBP, Constant was owner of Mobile Technologies, which is a water sports tour company in Honolulu, for 20 years.
