Homeowners could be offered the option of switching their mortgage supplier within a week, under plans being considered by the government. A consultation will consider whether the procedure for swapping mortgages could be made as fast as that for changing bank accounts. The idea is part of wider government plans to encourage switching, as announced in the Queen's Speech. Phone providers could also be forced to "unlock" mobiles for free. At the moment providers charge a total of 48m a year to free up mobiles at the end of a contract.
Why on earth is the modern mortgage so damn complicated? In this short animated video, a16z General Partner Alex Rampell takes us through the history of the American mortgage, all the different processes and players that the mortgage today entails (a lot more than you think!), why it got so complex--and what the opportunities for innovation are.
Getting a mortgage is one of the few customer experiences that has, until now, been left pretty much untouched by the digital revolution. You still have to talk to someone on the phone, most likely book an appointment, and then meet with a real person face to face. But a small number of firms are starting to shake this up by going online. This week UK tech startup Habito has launched what it claims is'the world's first artificially intelligent digital mortgage adviser'. But what exactly does that mean?
Long-term U.S. mortgage rates rose this week, lifting from their 2016 lows but remaining historically low during the spring home-buying season. Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage increased to 3.66 percent from 3.59 percent last week. That brought it close to its level a year ago of 3.68 percent. The average rate on 15-year fixed-rate mortgages advanced to 2.89 percent from 2.85 percent last week. Prices of U.S. government bonds remained at high levels, amid signs that the Federal Reserve won't raise the interest rates it controls in the immediate future.