30-year mortgage sinks to record-low 3.53%

WASHINGTON >> Average rates on fixed-rate mortgages fell again this week to record lows, creating more incentive for buyers to enter the recovering housing market.  

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 3.53 percent. That’s down from 3.56 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 2.83 percent, below last week’s previous record of 2.86 percent. The rate on the 30-year loan has fallen to or matched record-low levels in 12 of the past 13 weeks.  

Cheaper mortgages have contributed to a modest housing recovery. Home prices are rising in most markets.

On the Move

Envoy Mortgage has hired the following as sales managers and senior loan officers: 

>> Darren Au, who was previously working at Bank of America and owned a mortgage brokerage company.

>> Linda Char, who was previously working for Mann Mortgage in Hono­lulu.

The Harry & Jeanette Weinberg Foundation has awarded $500,000 to Kokua Kalihi Valley Comprehensive Family Services of Hono­lulu, which is the final payment of a $1.5 million capital improvement grant. Funds from the foundation will enable KKV to renovate the former P&P building on North School Street.

The American Heart Association has awarded North Hawaii Community Hospital the “Get with the Guidelines — Heart Failure” gold quality achievement award. The award helps NHCH’s staff develop a program that includes care maps, discharge protocols, standing orders and measurement tools to improve the quality of care for heart failure patients, save lives and reduce health care costs.