30-year mortgage declines to 3.75 percent, Freddie says

WASHINGTON » Average long-term mortgage rates have fallen for the first time in four weeks and remain near historic lows reached in May 2013.

Mortgage giant Freddie Mac said Thursday that the national average for a 30-year, fixed-rate mortgage fell to 3.75 percent from 3.80 percent last week.

The rate for a 15-year mortgage, popular with homeowners who refinance, fell to 3.03 percent from 3.07 percent last week.

A year ago the average 30-year mortgage stood at 4.28 percent and the 15-year mortgage at 3.32 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.

Alaska Air begins San Diego-Kona flights

Alaska Airlines began nonstop flights Thursday between San Diego and Kona.

"We’re pleased to add Kona as the fourth Hawaiian island that Alaska serves from San Diego," said John Kirby, the airline’s vice president of capacity planning.

Alaska also flies from San Diego to Hono­lulu, Kahu­lui and Lihue.

At its peak this summer, Alaska will offer 27 flights a week to Hawaii from San Diego.

Seniors housing project to get underway

Catholic Charities Housing Development Corp. announced that it will start construction Tuesday on a 300-unit affordable rental housing project for seniors in Mili­lani Mauka called Mehe­ula Vista.

The subsidiary of nonprofit Catho­lic Charities Hawaii is developing the project with local affordable-housing developer Gary Furuta of GSF LLC.

Meheula Vista will feature one-bedroom units available to seniors earning 60 percent or less of Hono­lulu’s annual median income, which equates to about $40,000 for a single person or $46,000 for a couple. Monthly rents are projected to range from $700 to $1,000.

The project is expected to be completed in the fall of 2016.

SunEdison poised to offer battery storage

Belmont, Calif.-based SunEdison Inc. will begin selling battery storage with its solar and wind projects, the company said in a statement Thursday.

SunEdison owns First Wind, the largest wind energy producer in Hawaii.

SunEdison said it has bought energy storage startup Solar Grid Storage LLC to help it expand its battery offerings.

First Wind owns four wind farms in Hawaii totaling 150 megawatts.

Robust job market likely to keep delivering

WASHINGTON » Even after the most vigorous three-month hiring spree in 17 years, U.S. employers are showing few signs of letting up.

Job growth for February, to be reported Friday, might not match the furious pace of November through January, when 1 million positions were added. Harsh winter weather likely discouraged some hiring.

Yet economists foresee a solid job gain of 240,000 and a drop in unemployment to a near-normal 5.6 percent — evidence of a job market that continues to outshine others around the world.

Etsy is at crossroads after filing for IPO

NEW YORK » If craft seller Etsy goes public later this year, it will be a test of how well the company can balance an explicit social mission with shareholder expectations for making money.

Founded in 2005, Brooklyn-based Etsy sells everything from a $110,000 antique desk from the 1800s to a $20 handmade antler pendant, and everything in between. In 10 years it’s grown from a scrappy startup offering craftspeople a way to sell necklaces and needlepoint online to a marketplace of 54 million members that generated $1.93 billion in sales in 2014. And on Wednesday Etsy filed for an initial public offering of stock valued at up to $100 million.

31 biggest banks pass latest ‘stress tests’

WASHINGTON » All of the nation’s 31 largest banks are adequately fortified to withstand a severe U.S. and global recession and keep lending, the Federal Reserve said Thursday.

Results of the Fed’s annual "stress tests" show that as a group the 31 banks are stronger than at any time since the 2008 financial crisis struck, thanks to a steadily recovering economy. The results build on positive outcomes from last year’s tests.

On The Move

» Hale Kipa has hired Cody Barretta as controller. His responsibilities include managing the organization’s budgeting and accounting as well as its financial statements. Barretta has five years’ experience in finance management and accounting, including previously serving as a senior auditor at KKDLY CPAs in Honolulu, and is also a certified public accountant in Hawaii.

» Hilton Hawaiian Village Waikiki Beach Resort has hired John Hawley as its director of sales. He has 25 years’ experience in the hospitality industry, including serving as director of sales and marketing at Hilton Baltimore as well as working at the Renaissance in Washington, D.C., and the National Conference Center. Hawley also served as an executive director of business development for a marketing communication company specializing in hospitality prior to joining Hilton.

Ship Ahoy!

Today’s ship arrivals and departures: