Rate on 30-year mortgage falls to record 3.66 percent
WASHINGTON >> The average rate on a 30-year fixed mortgage fell this week to a record low for the seventh time in eight weeks. Cheap mortgages have helped drive a modest recovery in the weak housing market this year.
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.66 percent.
That’s down from 3.71 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.95 percent. That’s down from 2.98 percent last week and just above the record 2.94 percent reached two weeks ago.
The rate on the 30-year loan has been below 4 percent since December.
Hawaii Dental Group appoints CEO
Errol Y.W. Yim has been appointed president and chief executive officer of Hawaii Dental Group, parent company of Hawaii Family Dental Centers. He succeeds the late Gary Kondo, who died a year ago.
Yim will continue to operate his orthodontic practice, with operations in Honolulu, Kaneohe and Kona, while providing leadership for Hawaii Family Dental Centers, which has 10 locations across Oahu, Maui, and Hawaii island.
First Wind to deliver Kawailoa parts
First Wind LLC will begin delivering turbine parts next week for its Kawailoa wind energy project on Oahu’s North Shore, company officials said Thursday.
The company will transport the blades and tower components from Kalaeloa Harbor to the Kalaeloa Wind project site starting Monday using oversized trailers. The deliveries will be made between 10 p.m. and 5 a.m. Monday through Friday to minimize traffic disruptions, according to a news release from the company.
In addition, each delivery will have a police escort. Traffic may be stopped momentarily as the trucks navigate certain intersections along the delivery route, the company said.
"We are making every effort to ensure that this transport is done with minimal traffic disruptions," said Kekoa Kaluhiwa, First Wind director for external affairs. "We truly appreciate everyone’s patience throughout this process."
First Wind broke ground on the wind project on Feb. 24. Kawailoa Wind’s 69 megawatts of generating capacity will be enough to power the equivalent of 14,500 Oahu homes. The project includes 30 Siemens turbines that will be installed on land owned by Kamehameha Schools mauka of Kamehameha Highway between Waimea Bay and Haleiwa.
Bank of Hawaii to open new Kona branch
Bank of Hawaii will celebrate the opening of its new branch in the Kona Commons Shopping Center on Monday.
Festivities will be from 8:30 a.m. to 1 p.m. and include entertainment, refreshments, giveaways and other activities.
The 6,926-square-foot branch will replace the current Kona branch at 75-5595 Palani Road, which is about one mile away. The new branch will be staffed with 29 employees who are all transferring from the current location. The Kona branch has a photovoltaic roof system to help supplement the branch’s energy needs and save on energy costs. The branch was built by Hilo-based Isemoto Contracting Co.
SmartMoney adopting online-only format
NEW YORK » SmartMoney’s print magazine is ceasing publication and switching to an all-digital format aimed at online and tablet computer users.
Dow Jones & Co., a unit of News Corp., said 25 positions at SmartMoney will be eliminated. It will increase SmartMoney.com‘s staff from nine to 15 editorial employees.
Dow Jones editor-in-chief Robert Thomson said the move was inspired by "the need for rapid delivery of personal finance intelligence" at a time when financial markets are volatile. SmartMoney’s last print issue, the September edition, will hit newsstands on Aug. 14.
New BlackBerry scraps physical keyboard
TORONTO » The first BlackBerry device running Research In Motion Ltd.’s new operating software will not have a physical keyboard, only a touch-screen one.
The BlackBerry 10 software will be offered on devices with physical keyboards in the future, but RIM spokeswoman Rebecca Freiburger would not say when. RIM is expected to start selling BlackBerry 10 touch-screen devices this year. Many corporate users have stuck with the BlackBerry solely because of its physical keyboard, given a perception that it’s harder to type emails on a touch screen.
Senate passes half-trillion-dollar farm bill
WASHINGTON » The Senate on Thursday completed a five-year, half-trillion-dollar farm bill that cuts farm subsidies and land conservation spending by about $2 billion a year but largely protects sugar growers and some 46 million food-stamp beneficiaries.
The 64-35 vote for passage defied political odds. Many inside and outside of Congress had predicted that legislation so expensive and so complicated would have little chance of advancing in an election year.
The bipartisanship seen in the Senate may be less evident in the House, where conservatives are certain to resist the bill’s costs, particularly for food stamps.
Food-stamp spending has doubled in the past five years, and beneficiaries have grown to 46 million from about 20 million. The program’s budget is now about $80 billion a year, comprising 80 percent of the spending in the farm bill.
On the Move
Atlantis Adventures has appointed Daryll Hersche as general manager of Atlantis Navatek Cruises. He will direct the company’s daily sunset dinner cruises and seasonal whale watch cruises along the south shore of Oahu. Hersche has more than 15 years of domestic and international management experience in the hospitality industry.
Halekulani Corp. has promoted Julie Arigo as general manager of the Waikiki Parc Hotel. She has 18 years of experience at the Waikiki Parc Hotel and was previously its hotel manager. Arigo also has managerial experience at Sheraton and Westin hotels.
Hilton Worldwide has announced Tracy Walker as general manager of Hilton Hawaiian Village Waikiki Beach Resort. She has 24 years of experience in the industry and has been affiliated with Hilton Worldwide since 2002, for which she previously served as general manager of the Hilton Orlando Bonnet Creek.
