Freddie Mac says 30-year fixed mortgage plunges below 3.5%

The typical rate on a 30-year fixed mortgage tumbled below 3.5% for the first time this week, Freddie Mac said -- the latest record low in a trend that has fired up refinancing but done little to ignite housing demand.

Asda makes financial services play

UK supermarket giant Asda has re-branded its personal finance arm as it prepares to become the latest retailer to take on traditional high street banks.

Government publishes vision for mutuals

The Government has published its vision of the building society sector, stating how recommendations of the Independent Commission on Banking (ICB) will apply to the sector. The document confirmed the Government's support for building societies and said it will consider removing any potential lending and funding restrictions. Graham Beale, chief executive of Nationwide Building Society, said: "As the largest building society, Nationwide is unique on the high street, providing a mass-market, mutual challenge to the banks across the full range of retail financial services. The Government's commitment to review and revise building society legislation to support these aims is a positive step forward."

moneyfacts.co.uk

RBS customers are still suffering

Thousands of RBS customers are still being hit by problems with their accounts - nearly a fortnight after the banking group's computers went into meltdown. They include many of the 1.9 million customers at its subsidiary Ulster Bank, who still have no idea when their nightmare will end. A fault in its computer system, which was being supervised in India, plunged RBS into chaos on June 21. It affected 7.5 million of the bank's retail customers. Many did not have wages paid in, and others missed mortgage and loan payments after direct debits were not paid.
[Daily Mail page 45 - 4.7.12.]