Reported by Star-Bulletin staff & wire
Thursday, January 16, 1997
Reported by Star-Bulletin staff & wire
Thursday, January 16, 1997
WASHINGTON - Thirty-year, fixed rate mortgages averaged 7.87 percent this week, up from 7.85 percent last week, according to a national survey released today by the Federal Home Loan Mortgage Corp. Thirty-year mortgage rates
up slightly to 7.87%It was the highest since April 18, when rates averaged 7.88 percent. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.57 percent, up from 5.54 percent last week.
Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.38 percent this week, up from 7.35 percent a week earlier.
The rates do not include add-on fees known as points.
WAILUKU - C. Brewer Homes Inc. has named a California real estate executive as its new president and chief executive officer. C. Brewer Homes
gets president from Calif.Bakes, who is managing director of KSW Del Amo Associates in Los Angeles, will begin the Brewer Homes job Jan. 27 at the company's headquarters in Wailuku, Maui.
Bakes will replace Pete Moynahan, who left Brewer Homes last month to start his own real estate consulting company. Prior to his KSW post, Bakes was a partner of Winger Development Co., a Southern California real estate firm and he has worked in real estate development, marketing and finance for several major companies.
Brewer Homes has a 2,400-home development at Wailuku and other operations on Maui, Kauai and the Big Island.
Columbia/HCA Healthcare Corp., the giant hospital company known for its aggressive expansion, is making another move into the business of managing health benefits. Hospital giant moving into
handling benefitsColumbia said late yesterday it will pay $1.3 billion in stock for Value Health Inc., an Avon, Conn.-based manager of mental health benefits and drug benefits for employers.
The offer follows Columbia's attempted move into the health insurance business with an offer to buy the nonprofit Blue Cross & Blue Shield of Ohio. That $299.5 million deal is opposed by state officials.
Value Health said the proposed buyout is a better alternative to its previously announced plans to spin off the drug benefits business to shareholders.
Nashville, Tenn.-based Columbia, once a small hospital company, has grown into the nation's largest for-profit owner of hospitals and has in the past three years diversified into outpatient surgery centers, home health care agencies, nursing homes, psychiatric hospitals and physical rehabilitation centers.
