Mortgage rates inch higher

McLEAN, Va. » Rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent, Freddie Mac said yesterday.

The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.25 percent.

Rates fell to a record low of 4.71 percent set in early December.

Electric bills edge higher statewide

Hawaiian Electric Co. customers on all islands will pay a little bit more for electricity in February than they did last month, but considerably less than the highs experienced a little more than a year ago, the utility says.

Oahu residents will pay 2.2 percent more, $148.23, up from $145.00 in January, according to the typical residential electric bill of 600 kilowatt-hours.

Big Island ratepayers will see a 2.4 percent higher bill to $215.06, up from $210.07 last month. Maui residents will see a 1 percent increase over last month, to $178.39, up from $176.64.

The rates for Oahu, the Big Island and Maui are lower than September 2008 highs by 26.7 percent, 22.7 percent and 30.5 percent, respectively, the company said yesterday.

Broadband tech funding available

The state is urging Hawaii's broadband-technology companies to apply for a second round of federal stimulus funding before the March 15 deadline.

The goal of the available $4.8 billion is to expand broadband access to underserved communities, increase jobs, spur investment in technology and infrastructure, and to provide long-term economic benefits, according to the Department of Commerce and Consumer Affairs.

The American Recovery and Reinvestment Act funding is provided by the U.S. Commerce Department's National Telecommunications and Information Administration and the U.S. Department of Agriculture's Rural Utilities Service. Details are available online at www.broadbandusa.gov, via e-mail at .(JavaScript must be enabled to view this email address) or by phone at (877) 508-8364.

Internet service provider bought out

Internet service provider 3One Media Hawaii Corp., which does business as Pacific Information Exchange Inc., has been purchased by Minnesota-based US Internet for undisclosed terms.

Pacific Information Exchange, known as pixi.net, was established in Hawaii in 1994, making it one year older than its new parent company.

US Internet is a global provider of Internet, hosting, application and digital phone services for government, institutions, businesses and consumers, according to the company.

Local industrial job count fell in 2009

Hawaii's industrial employment fell 3 percent in the past 12 months, according to Illinois-based Manufacturers' News Inc., a trade publisher.

The 2010 Hawaii Manufacturers Directory reports that the state lost 754 industrial jobs between December 2008 and December 2009, the sharpest decline the publication has reported since it began tracking the state's industry 13 years ago.

President Tom Dubin predicted that Hawaii's “;strong exports should help lay the groundwork for recovery.”;

Exports of Hawaii-made goods, particularly food products, jumped 133 percent from 2004 to 2008, the largest increase of all 50 states.

ON THE MOVE

Martin & MacArthur has promoted Douglas Gordon to vice president of furniture production from director of design for the Furniture Division. He has 35 years of woodcrafting experience and was previously owner of Hampton River Furniture Co. in Virginia.

Starn O'Toole Marcus & Fisher has elected Ivan Lui-Kwan as director. He was previously a budget and fiscal services director for the City and County of Honolulu as well as executive vice president and chief operating officer of the Queen's Health Systems.

Samantha M. DeCorte has been awarded the “;Top Short Sale Agent for 2009.”; She is a realtor associate with Doug Davis Realty.

Leil Koch was elected the 2010 first vice president of the CCIM Institute, an international commercial real estate organization. He is president and chief executive officer of Equity One Real Estate.