30-year mortgage rate edges up to 3.7 percent

WASHINGTON » Average long-term U.S. mortgage rates barely moved this week, remaining close to historically low levels as the spring home-buying season gets underway. Mortgage giant Freddie Mac said Thursday the national average for a 30-year fixed-rate mortgage ticked up to 3.7 percent from 3.69 percent last week.

The average rate for a 15-year mortgage, popular with homeowners who refinance, edged up to 2.98 percent from 2.97 percent last week.

A year ago the average 30-year mortgage rate was 4.41 percent, and the 15-year mortgage rate was 3.47 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, designed to hold down long-term rates. The Fed signaled recently that it’s still not ready to start raising short-term rates, after keeping them near zero for over six years.

Burns & McDonnell expands Hawaii office

Burns & McDonnell, a Kansas City, Mo.-based engineering, architecture, construction, environmental and consulting solutions firm, is planning to expand its Hono­lulu office with 10 additional positions following the hiring of two engineers earlier this year.

The new positions will be in a range of engineering, design and technical specialties.

Strong growth in the Hono­lulu office is the result of previous successes and new opportunities in the Pacific region, including recent aviation and Navy projects, Burns & McDonnell said. In November the firm promoted John Bothof to become its operational director in Hawaii. He has been with the firm for eight years, serving as an electrical engineer and project manager.

A $149 million Hawaii Air National Guard bed-down at Hickam Air Base for its F-22 fighters that was designed by Burns & McDonnell has served as a foundation for establishing the office and providing for job growth in Hawaii. The bed-down includes the Daniel Ino­uye Squadron Operations and Maintenance Facility, which recently received LEED Platinum designation, a first for the Hawaii Air Guard.

Bothof said more defense work is expected, noting that the firm recently received an award as designer on a $7 million design-build contract with local small-business partner JSR-ECC for a Navy submarine maneuver training facility.

Judge OKs sale of Revel casino for $82M

CAMDEN, N.J. » Three years to the day after Atlantic City’s $2.4 billion Revel casino opened — and seven months to the day after it closed — a bankruptcy court judge approved its sale to a Florida developer for about 4 cents on the dollar.

Judge Gloria Burns approved the $82 million deal, which did not address the rights of former business tenants at the casino to operate there when it reopens. The approval Thursday came after Glenn Straub’s Polo North Country Club agreed to drop its demand that the sale go through "free and clear of encumbrances" like the tenants’ leases — an issue that had helped scuttle several previous attempts to sell the casino. Burns said the issue of whether tenants can remain there should be worked out with Straub outside of bankruptcy court.

Referring to an estimated investment in reconfiguring the building, Straub said, "I can’t afford to sit on $150 million."

Straub said after the hearing he has reached a deal to buy several casinos or former casinos in Atlantic City as part of a $500 million, multifaceted deal. He said details would be revealed Saturday.

U.S. applications for jobless benefits fall

WASHINGTON » The number of people seeking U.S. unemployment benefits dropped significantly last week, a sign of a strong job market despite evidence of tepid economic growth in the opening months of 2015.

Weekly applications for jobless aid fell 20,000 to a seasonally adjusted 268,000, the Labor Department said Thursday. That put jobless claims near a 15-year low of 267,000 filings in late January. The decrease shows that a slowdown in manufacturing and construction has failed to spook employers, who may be anticipating a strong spring rebound after a bleak winter.

Economy keeps improving, Buffett says

OMAHA, Neb. » Investor Warren Buffett says the economy continues to grow steadily, but too many people continue to miss out on the American dream.

Buffett told CNN on Thursday that he doesn’t see any real sign of weakness in the economy. Buffett looks at reports from the more than 80 businesses his Berkshire Hathaway conglomerate owns for insight. But Buffett reiterated his concerns about income inequality in this country while the super-rich continue to thrive. He said that America should be able to do more to help people who are struggling.

On The Move

» Outrigger Hotels and Resorts has named Robert Ishihara general manager of the Wyndham Royal Garden at Waikiki. He was previously general manager at OHANA Waikiki East and assistant general manager at the Wyndham at Waikiki Beach Walk. His experience also includes being guest services manager, front office manager and director of front office for OHANA Waikiki Beachcomber.

» Hawaiian Host has promoted Erika Martinez to sales assistant. Her responsibilities includes assisting with sales presentations, customer service, broker relations and sales analysis. Martinez was previously a general office assistant, who was responsible for clerical work and reception.

Ship Ahoy!

Today’s ship arrivals and departures: