30-year mortgage rate edges up to 4.40 percent
WASHINGTON >> Average U.S. rates on fixed mortgages barely changed this week, giving prospective homebuyers time to lock in relatively low rates.
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan edged up to 4.40 percent from 4.39 percent last week. The rate is a full percentage point higher than in early May, when rates neared record lows. But rates remain low by historical standards.
The average on the 15-year fixed loan was unchanged at 3.43 percent.
Mortgage rates spiked in June after Chairman Ben Bernanke indicated the Federal Reserve could slow its bond purchases later this year. Bond purchases have kept long-term interest rates low, encouraging more borrowing and spending. Despite recent rate increases, mortgages remain a bargain for those who can qualify.
Vacation-home ranking puts Oahu at No. 10
Oahu is the 10th-best U.S. market in which to buy a vacation home, according to VacationHomeRentals.com.
The site’s top-10 list is based on the most popular rental destinations for the month of June, and while it says higher property values make Oahu pricier for buyers, it notes that Oahu is sought after year-round by tourists.
One listing on the site for a two-bedroom, two-bathroom beachfront unit in Waikiki rents for $2,100 a week.
Year-round attractiveness due to Walt Disney World earned Kissimmee, Fla., the No. 1 spot on the list, with vacation rentals going for $2,800 to $4,100 a week.
The Florida destination was followed by Cape Cod, Mass.; the Poconos in Pa.; Outer Banks, N.C.; Destin, Fla.; Myrtle Beach, S.C.; Ocean City, Md.; Panama City Beach; Fla.; Galveston, Texas; and at No. 10, Oahu.
Ilikai group rewarded for meter system
The owners association of the Ilikai Apartment Building was awarded a $153,000 incentive check Wednesday for installing an electrical submetering system that is expected to reduce electrical use at the building.
The check was presented by officials of Hawaii Energy, the energy efficiency and conservation program for Hawaii, Honolulu and Maui counties. The money will help offset the cost of installing the $430,000 submetering system, according to a news release from Hawaii Energy.
"Electricity submeters allow apartment and condo residents to know exactly how much electricity they are utilizing, and help reward those that conserve with lower electric bills," said Ray Starling, Hawaii Energy program director.
The new submetering system at the Ilikai is estimated to save about $270,000 per year by reducing use of electricity.
Hawaii to get $9M for public housing
The U.S. Department of Housing and Urban Development has awarded $9 million to Hawaii as part of $1.7 billion to public housing authorities in all 50 states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.
The funding is from HUD’s Capital Fund Program, which provides money to be used to build, repair, renovate and/or modernize public housing.
Housing authorities awarded such grants use the funds for large-scale improvements including new roofing, or upgrades for energy efficiency. Hawaii’s $9 million grant compares with a low of $806,929 for Wyoming and the highest grant of $307,029,645, for New York.
Jobless claims tumble to 6-year low
WASHINGTON » Americans who have a job may take comfort in knowing that companies are laying off fewer people than at any time since before the Great Recession.
Applications for U.S. unemployment benefits over the past four weeks dropped to a seasonally adjusted 335,500, the Labor Department said Thursday. That’s the lowest level since November 2007.
Lawyer to seek $20M in Toyota case
LOS ANGELES » A lawyer for plaintiffs in a wrongful-death lawsuit against Toyota Motor Corp. told a jury Thursday he will ask for $20 million in damages for the family of a woman who died when her Camry suddenly accelerated and crashed despite her efforts to stop.
The case involving the 2009 death of Noriko Uno is the first involving the issue to go to trial in state court.
Toyota recalled millions of vehicles worldwide after drivers reported that some of its vehicles were surging unexpectedly. The company agreed to pay $1 billion in other suits.
Fannie Mae posts $10.1B profit for quarter
WASHINGTON » Mortgage giant Fannie Mae earned $10.1 billion in the second quarter, aided by the recovery in the housing market. The government-controlled company has turned a profit in each of the past six quarters.
Fannie said Thursday it will pay a dividend of $10.2 billion to the U.S. Treasury next month.
On the Move
Hawaii National Bank has announced Craig Bode as an assistant vice president and loan officer at the bank’s Kahului Branch. He has 20 years of experience in banking and lending, including serving as an assistant vice president and business relationship manager for American Savings Bank on Maui.
Kaanapali Beach Resort Association has announced Tom Bell as its president. He has 22 years of experience in the hospitality industry, including serving as president of Hawaiian Hotels and Resorts. Bell also previously managed the Royal Hawaiian Hotel and served as general manager of W Honolulu, Diamond Head, and resident manager of Hotel Edgewater in Seattle.
The Hawaii Medical Assurance Association’s board of directors named Executive Vice President Reg Baker as chief operating officer, chief financial officer and treasurer. Baker has more than 25 years of experience in CEO, COO and CFO positions, including at Pinnacle-Health System, Bank of Hawaii, Ernst & Young, Pendleton Tax & Financial Services and Colonial Bank.
