Hawaiian Airlines has launched a new blog that has some information related to Kilauea Volcano as well as company news and insights into various topics. It is available at newsroom.hawaiianairlines.com/blog.

30-year-mortgage rates jump to 4.62%

WASHINGTON >> Long-term U.S. mortgage rates jumped this week after two straight weeks of declines, reaching their second-highest level this year.

Against a backdrop of rising interest rates in the economy, long-term loan rates have been running at their highest levels in seven years. And the Federal Reserve on Wednesday raised its benchmark interest rate for the second time this year and signaled that it might step up its pace of rate increases.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.62 percent, up from 4.54 percent last week. By contrast, the 30-year rate averaged 3.91 percent a year ago.

The average rate on 15-year, fixed-rate loans increased to 4.07 percent from 4.01 percent last week. The average 30-year mortgage rate reached a high this year of 4.66 percent on May 24; the 15-year rate hit 4.15 percent that day.

Freddie Mac chief economist Sam Khater noted that a much smaller portion of mortgage loans now are tied to changes in short-term interest rates — adjustable-rate mortgages now account for only 8 percent of loans, as opposed to 31 percent in 2004-06. “Still, inflation continues to firm and borrowing costs are inching higher,” Khater said.

Retail sales rose in May but inflation lurks

WASHINGTON >> U.S. retail sales rose by the most in six months in May, a sign that confident consumers are leading a strong economic rebound after a slow start to the year.

Yet with high gas prices and inflation eating away at income gains made by workers, Americans may not be able to maintain this level of spending.

Retail sales jumped 0.8 percent last month, the Commerce Department said Thursday, the largest increase since November. Excluding the volatile gas and auto categories, sales rose 0.8 percent. April’s sales growth was revised higher, to 0.4 percent from 0.2 percent.

Americans are confident about the economy, buoyed by steady job gains and an unemployment rate at an 18-year low.

ON THE MOVE

Alexander & Baldwin has named Carol Reimann, a business and government leader, as the new vice president for A&B-Maui as of June 4. Her responsibilities include serving as A&B’s senior management representative on Maui as well as overseeing all the company’s collective interests on the island. Reimann has nearly 30 years of leadership experience in government, business and community relations, including having served as director of housing and human concerns for Maui County and director of events management for Kapalua Land Co.

The Council for Native Hawaiian Advancement has announced that Joe Kuhio Lewis has been named chief executive officer as of June 1. He previously served as the Community Outreach and Engagement manager of Office of Hawaiian Affairs. Lewis is also a Hawaiian Homes Commission Act beneficiary as well as a Kapolei Community Development Corp. former president.