WASHINGTON - (12/16/05) Average rates on 30-year, fixed-ratemortgages declined slightly this week to 6.30%, down just two basispoints from one week earlier. The average on the 30-year mortgagehit a two-year high on Nov. 17 at 6.37%, according to Fannie Mae,which noted that some analysts are expecting mortgage rates tosteadily move higher in 2006. The average rate on the 15-year,fixed-rate mortgage was 5.85%, according to Fannie Mae, down from5.87% last week. The one-year ARM declined slightly to 5.15%, whilethe average rate on the five-year, hybrid ARM was 5.77%.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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