Business briefing: Mortgage rates slightly higher to end year

Fixed mortgage rates moved slightly higher this week, closing out the year with their ninth straight increase. After jumping 14 basis points — a basis point is 0.01 percentage point — last week, the 30-year fixed rate, the most popular mortgage product, had a more modest increase this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ticked up to 4.32 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.3 percent a week ago and 4.01 percent a year ago. Since Oct. 27, the 30-year fixed rate has risen 85 basis points. The 15-year fixed-rate average edged up to 3.55 percent with an average 0.5 point. It was 3.52 percent a week ago and 3.24 percent a year ago. The five-year adjustable rate average slipped to 3.3 percent with an average 0.5 point.

AUTOMOTIVE

Honda Motor Co. is recalling 633,753 Odyssey minivans in the U.S. because the second-row seats could move unexpectedly. The recall involves Odysseys from the 2011 to 2016 model years. They were made between Aug. 1, 2010 and Oct. 1, 2015. The vehicles have a second-row seat lever that moves the outer seats forward to access the third row. Honda said the release lever might remain in an unlocked position, which could allow the seats to move unexpectedly. Honda will notify owners about the recall next month. Dealers will repair the seat levers for free.

Fewer Americans applied for unemployment benefits last week, continuing a nearly two-year trend that suggests a solid job market. Weekly requests for jobless aid fell 10,000 to a seasonally adjusted 265,000, the Labor Department said Thursday. The less-volatile four-week moving average for claims was 263,000. Over the past year, the number of people collecting benefits has fallen almost 5 percent to 2.1 million. Weekly jobless claims below 300,000 often point to healthy hiring levels. The low level of applications indicates that employers are holding onto workers and possibly looking to expand. Claims have stayed below 300,000 for 95 straight weeks, the longest streak since 1970.