While Switzerland’s central bank Thursday painted an encouraging picture of the country’s economy it also raised a warning about the danger that a housing market bubble is developing. The Swiss National Bank Thursday froze its interest rates near zero as expected by most analysts, but said historically low rates mean Switzerland’s banks and mortgage institutions need to be more prudent in their lending and mortgage policies.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
U.S. home prices increased 5.1% in the fourth quarter from a year ago, matching the pace of the prior quarter, according to the Federal Housing Finance Agency.