comscore 30-year mortgage rate dips to 3.89% | Honolulu Star-Advertiser
Briefs | Business

30-year mortgage rate dips to 3.89%

  • PIXABAY

    The rate on ­30-year, fixed-rate mortgages slipped to 3.89 percent from 3.90 percent last week, according to mortgage buyer Freddie Mac.

WASHINGTON >> Long-term U.S. mortgage rates edged lower this week.

Mortgage buyer Freddie Mac said Thursday the rate on ­30-year, fixed-rate mortgages slipped to 3.89 percent from 3.90 percent last week. While historically low, that’s still above last year’s average of 3.65 percent. The benchmark rate stood at 3.43 percent a year ago.

The rate on 15-year, fixed-rate home loans fell to 3.16 percent from 3.18 percent last week.

Record-low interest rates have helped spur home purchases and boosted the housing market. Yet despite the low mortgage rates to lure prospective homebuyers, the housing market has remained hampered by tight mortgage credit, ­rising home prices and tight supply of homes on the market.

In the latest indication of low inventory constraining home purchases, real estate brokerage Redfin reported Thursday that sales in July declined 3.5 percent from a year earlier. The number of homes for sale fell 11 percent, marking 22 straight months of year-over-year declines in inventory, according to Redfin.

U.S. jobless aid requests fall by 12,000

WASHINGTON >> Fewer Americans applied for jobless aid last week, as the number of people seeking benefits remained close to historic lows.

Weekly unemployment applications fell by 12,000 to a seasonally adjusted 232,000, the Labor Department said Thursday. The less volatile four-week average slipped 500 to 240,500. The number of people collecting unemployment benefits has fallen 9 percent over the past 12 months to 1.9 million.

The job market appears solid as the U.S. enters its ninth year of recovery from the Great Recession. Employers are holding onto workers with the expectation that business will continue to improve. Jobless claims have come in below 300,000 for 128 weeks in a row. That’s the longest such stretch since 1970.


ON THE MOVE

The Hawaii State Energy Office has named Carilyn Shon as its energy administrator. She previously served 17 years as HSEO Energy Efficiency program manager. Shon will oversee the state’s energy planning, policy and programs, which were previously the authority of the energy resources coordinator under the state Department of Business, Economic Development and Tourism.

Manoa Botanicals has named Tanya Johnson as chief operating officer. Her responsibilities will be to oversee the company’s operations, including process improvement as well as human resources and logistics. Johnson previously served as the company’s vice president of operations since August 2016. She also was principal of Pacific West & Pacific Islands at SWCA Environmental Consultants and founder of Integris Consulting in Honolulu.


Send items to business@staradvertiser.com.


Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments (0)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up