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WASHINGTON >> Long-term U.S. mortgage rates are ticking up slightly this week, the 10th increase in the past 11 weeks.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.45 percent from 4.44 percent last week. Rates are relatively low by historical standards, but they’ve shot up from an average that remained below 4 percent last year. The benchmark rate averaged 4.23 percent a year ago.
The average rate on 15-year, fixed-rate loans rose to 3.91 percent from 3.90 percent last week.
The Federal Reserve on Wednesday raised a short-term rate that banks charge each other, and rates could continue to climb. That Fed action caused yields to rise for the one-year U.S. Treasury note, which could push the cost of home loans higher.
Higher mortgage rates have yet to temper demand for homes, but they are rising with prospective buyers fighting over fewer listings and as price gains for property outpace wage growth.
Global tourism predicted to slow
LONDON >> The travel and tourism sector is set for a modest slowdown in 2018 as a result of higher oil prices and airfares, a year after it experienced its best year on record, according to a leading global industry body.
In its annual Economic Impact Report, the World Travel and Tourism Council said Thursday that the sector was responsible for the creation of 7 million new jobs worldwide in 2017, or 1 in 5 new jobs.
That was due largely to the fact that the sector outperformed the global economy for the seventh year running, growing by 4.6 percent against 3 percent. The sector, according to the organization, outperformed all others.
“2017 was the best year on record for the travel & tourism sector,” said Gloria Guevara, president and CEO of the WTTC. “We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India.”
Though the WTTC forecasts 2018 growth of 4 percent as a result of higher oil prices and airfares as well as expectations of rising interest rates in countries such as the U.S. and the U.K., it kept its long-term forecasts unchanged, with average annual growth of 3.8 percent over the next decade. By then it expects the sector to support more than 400 million jobs globally, or 1 in 9 of all jobs.
ON THE MOVE
Lance Takaki has been promoted to a sales manager at the Honolulu Star-Advertiser newspaper. He brings 12 years of sales experience most recently with retail and real estate advertising. Takaki was on the American Heart Association HYPe Committee and is currently on the Special Olympics Hawaii YEs board. He is a graduate of University of Hawaii at Manoa, where he played four years on the men’s basketball team.
G70 has hired the following people for Planning and Environment, Civil Engineering and Architecture Divisions:
>> Libby Norris is G70’s newest architectural designer. Norris will work with the firm’s teams on a variety of architectural projects as well as coordinating the preparation of drawings and plans of structures and buildings.
>> Jordan Sakumoto has been hired as the new civil engineer for G70. He has extensive experience in industrial and highway infrastructure. Sakumoto will work with the teams at G70 on permitting for master plans and projects as well as developing schematic designs.
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