WASHINGTON >> Long-term U.S. mortgage rates barely budged this week after marking their first increase of the year last week.

Mortgage buyer Freddie Mac says the rate on 30-year fixed-rate loans was unchanged from last week at an average 4.19 percent. That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971.

The average for a 15-year mortgage ticked up to 3.41 percent from 3.40 percent last week.

Takeover talk pauses Macy’s stock trade

NEW YORK >> A reported overture by Saks Fifth Avenue’s parent to take over Macy’s Inc. underscores how further consolidation may be needed to revive the department store sector amid drastic changes in the retail landscape and consumer behavior.

Macy’s shares soared in trading Friday, after being temporarily halted on the New York Stock Exchange on a news report that Saks’ owner has approached the department store chain about a takeover.

The article, posted on The Wall Street Journal’s website, reported that Canadian chain Hudson’s Bay Co., which operates stores under Saks Fifth Avenue and Lord & Taylor as well its namesake, is in preliminary stages of discussion with Macy’s that also include a possible deal for the department store’s real estate. The report cites people familiar with the matter.

Macy’s has been shuttering stores as it tries to become more nimble and compete better with online rivals like online leader Amazon.com. It announced earlier in January that it would close 68 stores after shuttering around 100 last year. It’s also been under pressure to sell some of its real estate.

Macy’s shares rose 6.4 percent, or $1.97, to $32.69 on Friday. Shares have been down 21 percent over the past 52 weeks.

ON THE MOVE

First Hawaiian Bank has promoted the following bank officers:

>> Derek Baughman to executive vice president from senior vice president of the IT Division. Baughman has 27 years of IT experience with 23 of those years in the banking industry.

>> Dawn Hofmann to executive vice president and manager of the Corporate Banking Division and Trade Finance Department from senior vice president and manager of the Corporate Banking Division. Hofmann has more than 30 years of banking industry experience and joined FHB in 2007 as a vice president and corporate banking officer of the Corporate Banking Division.

>> Keeth Koyanagi to executive vice president and chief credit officer from senior vice president and regional credit supervisor of the Credit Administration Division. Koyanagi has 41 years of banking industry experience and joined FHB in 2006 as a president of First Hawaiian Leasing.