Category: 3. Business

  • Physicians embrace AI note-taking technology — Harvard Gazette

    Physicians embrace AI note-taking technology — Harvard Gazette

    AI-driven scribes that record patient visits and draft clinical notes for physician review led to significant reductions in physician burnout and improvements in well-being, according to a Mass General Brigham study of two large healthcare systems.

    The findings, published in JAMA Network Open, draw on surveys of more than 1,400 physicians and advanced practice providers at both Harvard-affiliated Mass General Brigham and Atlanta’s Emory Healthcare.

    At MGB, use of ambient documentation technologies was associated with a 21.2 percent absolute reduction in burnout prevalence at 84 days, while Emory Healthcare saw a 30.7 percent absolute increase in documentation-related well-being at 60 days.

    50% Physician burnout linked to maintaining electronic patient files

    “Ambient documentation technology has been truly transformative in freeing up physicians from their keyboards to have more face-to-face interaction with their patients,” said study co-senior author Rebecca Mishuris, chief medical information officer at MGB, a faculty member at Harvard Medical School, and a primary care physician in the healthcare system. “Our physicians tell us that they have their nights and weekends back and have rediscovered their joy of practicing medicine. There is literally no other intervention in our field that impacts burnout to this extent.”

    Physician burnout affects more than 50 percent of U.S. doctors and has been linked to time spent in electronic health records, particularly after hours. There is additional evidence that the burden and anticipation of needing to complete their appointment notes also contributes significantly to physician burnout.

    “Burnout adversely impacts both providers and their patients who face greater risks to their safety and access to care,” said Lisa Rotenstein, a co-senior study author and director of The Center for Physician Experience and Practice Excellence at Brigham and Women’s Hospital. She is also an assistant clinical professor of medicine at the UCSF School of Medicine. “This is an issue that hospitals nationwide are looking to tackle, and ambient documentation provides a scalable technology worth further study.”

    “Our physicians tell us that they have their nights and weekends back and have rediscovered their joy of practicing medicine.”

    Rebecca Mishuris, Mass General Brigham
     

    Qualitative feedback from users touted that ambient documentation enabled more “contact with patients and families,” improvements in their “joy in practice,” while recognizing its potential to “fundamentally [change] the experience of being a physician.” However, some users felt it added time to their note-writing or had less utility for certain visit types or medical specialties. Since the pilot studies began, the AI technologies have evolved as the vendors make changes based on user feedback and the large language models that power the technologies improve themselves through additional training, warranting continued study.

    The researchers analyzed survey data from pilot users of ambient documentation technologies at two large health systems. At Mass General Brigham, 873 physicians and advanced practice providers were given surveys before enrolling, then after 42 and 84 days. About 30 percent of users responded to the surveys at 42 days, and 22 percent at 84 days. All 557 Emory pilot users were surveyed before the pilots and then at 60 days of use, with an 11 percent response rate. Researchers analyzed the survey results quantifying different measures of burnout at Mass General Brigham and physician well-being at Emory Healthcare.

    The study authors added that given that these were pilot users and there were limited survey response rates, the findings likely represent the experience of more enthusiastic users, and more research is needed to track clinical use of ambient documentation across a broader group of providers.

    Mass General Brigham’s ambient documentation program launched in July 2023 as a proof-of-concept pilot study involving 18 physicians. By July 2024, the pilot, which tested two different ambient documentation technologies, expanded to more than 800 providers. As of April 2025, the technologies have been made available to all Mass General Brigham physicians, with more than 3,000 providers routinely using the tools. Later this year, the program will look to expand to other healthcare professionals such as nurses, physical and occupational therapists, and speech-language pathologists.  

    “Ambient documentation technology offers a step forward in healthcare and new tools that may positively impact our clinical teams,” said Jacqueline You, lead study author and a digital clinical lead and primary care associate physician at Mass General Brigham. “While stories of providers being able to call more patients or go home and play with their kids without having to worry about notes are powerful, we feel the burnout data speak similar volumes of the promise of these technologies, and importance of continuing to study them.”

    Ambient documentation’s use will continue to be studied with surveys and other measures tracking burnout rates and time spent on clinical notes inside and outside of working hours. Researchers will evaluate whether burnout rates improve over time as the AI evolves, or if these burnout gains plateau or are reversed.


    This project received financial support from the Physician’s Foundation and the National Library of Medicine of the National Institutes of Health.


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  • European Commission Approves Zanubrutinib Tablet Formulation for All Indications in B-Cell Malignancies

    European Commission Approves Zanubrutinib Tablet Formulation for All Indications in B-Cell Malignancies

    B-Cell Malignancies | Image
    Credit: © Bipul Kumar
    – stock.adobe.com

    The European Commission has approved a tablet formulation of zanubrutinib (Brukinsa) for use in all previously authorized indications of the capsule formulation.1

    This follows the FDA’s approval of the tablet formulation in June 2025.2

    Zanubrutinib is approved in the European Union in the following indications:3

    • as monotherapy for the treatment of adult patients with Waldenström macroglobulinemia who have received at least 1 prior therapy, or in first-line treatment for patients unsuitable for chemoimmunotherapy.
    • as monotherapy for the treatment of adult patients with marginal zone lymphoma who have received at least 1 prior anti-CD20-based therapy.
    • as monotherapy for the treatment of adult patients with chronic lymphocytic leukemia
    • in combination with obinutuzumab (Gazyva) for the treatment of adult patients with refractory or relapsed follicular lymphoma who have received at least 2 prior systemic therapies

    Notably, in the United States, zanubrutinib is also approved for the treatment of adult patients with mantle cell lymphoma (MCL) who have received at least 1 prior therapy; however, zanubrutinib does not hold any MCL indications in the European Union (EU).3,4

    The recommended dose of the tablet formulation reflects that of the capsule formulation at 320 mg per day.1 Each tablet is 160 mg, allowing patients to take 2 tablets daily instead of 4 80-mg capsules.

    “Developed to meet the real-world needs of patients, the new [zanubrutinib] tablet formulation aims to simplify treatment, reduce pill burden, and enhance ease of administration, reflecting our continuous focus on patient-centered innovation,” Giancarlo Benelli, senior vice president and head of Europe at BeOne Medicines, stated in a news release. “With more than 200,000 patients treated globally and the broadest label of any BTK inhibitor in Europe, zanubrutinib’s differentiated clinical profile continues to make an impact for people facing certain B-cell cancers.”

    Safety Overview

    Compiled safety data in the zanubrutinib European Union prescribing information show that most common occurring adverse effects reported in at least 20% of patients treated with zanubrutinib monotherapy (n = 1550) included upper respiratory tract infection(36%), bruising (32%), hemorrhage/hematoma(30%), neutropenia(30%), musculoskeletal pain(27%), rash(25%), pneumonia(24%), diarrhea (21%), and cough(21%).3

    The most common grade 3 or higher AEs that occurred in at least 3% of patients comprised neutropenia (21%), pneumonia (14%), hypertension (8%), thrombocytopenia (6%), anemia (6%), and hemorrhage/hematoma (4%). AEs led to treatment discontinuation of zanubrutinib monotherapy in 4.8% of patients, with the most common being pneumonia(2.6%). AEs led to dose reductions in 5.0% of patients.

    In the phase 2 ROSEWOOD trial (NCT03332017), among patients with relapsed/refractory follicular lymphoma treated with zanubrutinib in combination with obinutuzumab (n = 143), the most common AEs reported in at least 20% of patients included thrombocytopenia(37%), neutropenia(31%), and fatigue(27%). Grade 3 or higher AEs reported in more than 3% of patients included neutropenia§ (25%), thrombocytopenia(16%), pneumonia(15%), and anemia (5%). AEs led to treatment discontinuation in 4.9% of patients, with the most common being pneumonia (4.2%). AEs led to dose reduction in 7.0% of patients.

    References

    1. The European Commission has approved a tablet formulation of BeOne Medicines’ Brukinsa for use across all of its previously authorized indications. News release. BeOne Medicines. August 21, 2025. Accessed August 21, 2025. https://ir.beonemedicines.com/news/european-commission-approves-tablet-formulation-of-beone-medicines-brukinsar-for-all-approved-indications/60a73cd1-3e95-46b4-b377-578f401440b9
    2. U.S. FDA approves tablet formulation of BeOne’s Brukinsa for all approved indications. News release. BeOne. June 11, 2025. Accessed August 21, 2025. https://www.businesswire.com/news/home/20250611860939/en/U.S.-FDA-Approves-Tablet-Formulation-of-BeOnes-BRUKINSA-for-All-Approved-Indications
    3. Brukinsa. European Medicines Agency. Accessed August 21, 2025. https://www.ema.europa.eu/en/medicines/human/EPAR/brukinsa
    4. Brukinsa. Prescribing information. BeOne. Updated June 2025. Accessed August 21, 2025. https://beonemedicines.us/PDF/BRUKINSAUSPI.pdf

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  • Alpha1H Demonstrates Clinical Benefit in NMIBC

    Alpha1H Demonstrates Clinical Benefit in NMIBC

    NMIBC | Image credit:

    © Adin – stock.adobe.com

    A phase 2 study (NCT03560479) evaluating Alpha1H for the treatment of patients with non–muscle-invasive bladder cancer (NMIBC) met its primary and secondary end points, according to an announcement from Hamlet BioPharma.1

    Final findings from the study revealed that approximately 80% of patients treated with Alpha1H experienced a response, with an average tumor size reduction in the high-dose group of 59%. Additionally, clinical benefit was observed in patients who received a second installation.

    The study also demonstrated that Alpha1H reached tumor tissue, triggered tumor cell apoptosis, and led to rapid shedding of tumor cells into the urine. Additionally, Alpha1H led to the downregulation of more than 700 of approximately 800 cancer-related genes, per RNA analysis. Investigators also noted a broad immune response with Alpha1H overlapping with BCG, except responses occurred more rapidly and without lasting adverse effects (AEs) compared with what is historically observed with BCG.

    Regarding safety, no serious treatment-related AEs were reported, including at higher dose levels or with repeat dosing. The incidence of mild, local AEs was similar between the Alpha1H and placebo arms. No systemic AEs were observed with Alpha1H, which is consistent with its local mechanism of action.

    Data from the final analysis of the study have been submitted to the FDA, and Hamlet BioPharma is coordinating with the regulatory agency on the design of a phase 3 study.

    “The final clinical report’s consistent efficacy outcomes and favorable safety profile are highly encouraging. The strength of the data provides compelling evidence of Alpha1H’s potential to become a much-needed proactive treatment option, and we look forward to advancing it in our regulatory discussions,” Catharina Svanborg, MD, PhD, chief executive officer of Hamlet BioPharma, stated in a news release. “We are committed to bringing this innovative therapy to patients as quickly and safely as possible. These results mark a major milestone for Hamlet BioPharma and for people with cancer in the urinary bladder. The study was made possible through close collaboration with leading universities and medical centers, including Lund University, Sweden, Motol University Hospital, Czechia and Linnane Pharma AB, whose combined expertise ensured robust design, execution, and analysis.”

    Alpha1H Background and Phase 2 Study Design

    Alpha1H is designed to form the Alpha1H complex by binding to oleic acid; in preclinical and animal models, the agent has demonstrated the ability to kill a various cancer cells, including the inhibition of tumor development in a bladder cancer model.2

    In the phase 2 study, investigators enrolled patients at least 18 years of age with non-muscle invasive papillary bladder cancer per cystoscopy appearance and were slated to undergo transurethral resection of bladder tumor (TURBT).3 Patients needed retain bladder content for at least 1 hour.

    Key exclusion criteria comprised a history of muscle-invasive bladder cancer; a history of NMIBC with an interval shorter than 6 months after previous TURBT; treatment with intravesical BCG or chemotherapy within 12 months of enrollment; any other cancer diagnosis within the last 5 years; acute urinary tract infection; and prior radiotherapy or systemic chemotherapy.

    In the main part of the study, patients were randomly assigned to received Alpha1H at 7.4 mg/mL or placebo on days 1, 3, 5, 8, 15 and 22 of a single cycle. During an open-label dose-escalation portion, Alpha1H was also given at daily doses of 37 mg/mL and 74 mg/mL.

    Safety, efficacy of cell shedding, and changes in papillary characteristics. Secondary end points included induction of apoptosis, histopathology scoring, and tumor response to Alpha1H by gene expression analysis.1

    References

    1. Hamlet BioPharma announces the completion of the Alpha1H phase II study in non-muscle invasive bladder cancer. News release. Hamlet BioPharma. August 21, 2025. Accessed August 21, 2025. https://hamletbiopharma.com/hamlet-biopharma-announces-the-completion-of-the-alpha1h-phase-ii-study-in-non-muscle-invasive-bladder-cancer/
    2. Alpha1H. Hamlet BioPharma. Accessed August 21, 2025. https://hamletbiopharma.com/cancer/alpha1h-2/
    3. A first-in-human study of alpha1H in patients with non-muscle invasive bladder cancer. ClinicalTrials.gov. Updated August 19, 2020. Accessed August 21, 2025. https://clinicaltrials.gov/study/NCT03560479

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  • An options trade on Nvidia that gives upside exposure and downside protection as earnings approach

    An options trade on Nvidia that gives upside exposure and downside protection as earnings approach

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  • Dollar gains before key Powell speech at Jackson Hole on Friday – Reuters

    1. Dollar gains before key Powell speech at Jackson Hole on Friday  Reuters
    2. USD mixed to lower as focus remains on Fed – Scotiabank  FXStreet
    3. The US Dollar (DXY) pauses at 98.00 as markets await clarity – What’s next?  marketpulse.com
    4. US Dollar Slips As Markets Await Key Economic Data  Finimize
    5. Dollar edges higher ahead of Fed minutes; sterling gains after CPI increase  Investing.com

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  • General Mills and Box Tops for Education Help Families Cross One Thing off Their Back-to-School To-Do List: Free Snacks

    General Mills and Box Tops for Education Help Families Cross One Thing off Their Back-to-School To-Do List: Free Snacks

    Free Snacks: Savings That Support Families and Schools

    With General Mills products already found in 92% of U.S. households, families can unlock snack savings just by buying what they’re already stocking up on — from breakfast staples to after-school favorites.

    Now through November 30, 2025, families in select areas can earn a rebate of up to $12.99 when they purchase any participating General Mills product (like Cheerios, Pillsbury, Totino’s, Annie’s, or Old El Paso) and a participating snack item (like Nature Valley, Mott’s, Betty Crocker and more) in the same transaction. After purchase, families can simply scan their receipt to the Box Tops for Education app to claim the rebate via PayPal or Venmo. (Not available in all areas; see complete terms for details.)**

    While families are saving at checkout, they’re also helping schools. For over 25 years, Box Tops for Education has empowered families to direct earnings to local schools and generated nearly $1 billion in contributions since the program began. The Free Snacks rebate continues that mission, putting value back into homes and communities.

    Tia’s Tips: Real-Life Hacks to Ease Back-to-School Stress

    To amplify the program and offer encouragement from one parent to another, General Mills teamed up with Tia Mowry, who’s sharing her own simple strategies to help families find more ease in their daily routines.

    • “I keep grab-and-go snacks like Nature Valley bars or Annie’s fruit snacks in a basket by the door — so on those hectic mornings or after-school runs, we’re ready to roll,” said Mowry. “And I always keep something in my bag. It helps me stay ahead of those hangry moments and brings a little peace of mind.”
    • “I try to give myself (and my kids) a little grace this time of year. Back-to-school season can be overwhelming, so I remind myself it’s okay if everything isn’t perfect right away. We’re all adjusting!”
    • “We talk about routines like a team. I ask my kids what helps their mornings feel calmer, and we try to build from there. It’s not perfect, but it makes them feel involved and heard.”
    • “A little night-before prep goes a long way. Whether it’s laying out clothes or packing lunch and snacks ahead of time, even something quick like the new Mott’s Apple-Filled bars makes small routines make mornings feel a lot smoother.”

    More information on the Free Snacks rebate can be found here.

    * This survey was conducted online within the United States by The Harris Poll on behalf of General Mills from July 29 – 31, 2025 among 775 parents with kids in school this upcoming year.  The sampling precision of Harris online polls is measured by using a Bayesian credible interval.  For this study, the sample data is accurate to within +/- 4.2 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact carolina.cepeda@edelman.com

    **Offer void in RI, CT, ND, NC, and Miami Dade County. 18+, U.S. residents only. Download the Box Tops App and purchase (1) General Mills Box Tops item and one (1) Eligible Snacks Product in one transaction between 6/1/25 and 11/30/25. Scan receipt in the App within 14 days of purchase. If more than one eligible free snack is purchased, lowest value product will be refunded. Limit one (1) rebate/person. Reproduction, purchase, sale, or trade of any offer requirement is prohibited. Void where taxed, regulated, or prohibited. Allow up to 4 weeks to receive rebate. Not combinable with other offers. Rebate may not be assigned, transferred, or sold. Questions: 1-800-248-7310. PayPal or Venmo account required for rebate. Not affiliated with PayPal or Venmo. See BTFE.com for App Terms of Service, Program Rules, Privacy Policy. Standard data rates may apply. Offer subject to full terms and conditions at BTFE.COM/FreeSnacks. Trademarks are property of respective owners.

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  • U.S. probes delays in Tesla crash reports involving driver-assistance systems

    U.S. probes delays in Tesla crash reports involving driver-assistance systems

    Tesla vehicles are parked outside of a dealership on July 24, 2025 in Austin, Texas.

    Brandon Bell | Getty Images

    The U.S. auto safety agency said Thursday it would investigate Tesla’s delays in submitting crash reports involving advanced driver-assistance systems or self-driving vehicles.

    The National Highway Traffic Safety Administration said it had identified numerous incident crash reports from Tesla that arrived several months or more after those incidents.

    The regulator requires that a report be submitted within one to five days of a company receiving notice of a crash. In April, the agency revised the requirements.

    The safety agency said it was opening an audit query “to evaluate the cause of the potential delays in reporting, the scope of any such delays, and the mitigations that Tesla has developed to address them.”

    Tesla did not immediately respond to a request for comment.

    NHTSA said that “when the reports were submitted, Tesla submitted them in one of two ways. Many of the reports were submitted as part of a single batch, while others were submitted on a rolling basis.”

    In discussions with the company, Tesla “indicates that the timing of the reports was due to an issue with Tesla’s data collection, which, according to Tesla, has now been fixed,” the regulator said.

    NHTSA is also reviewing whether any reports of prior incidents remained outstanding and whether the reports that were submitted included all of the required and available data.

    Since October, NHTSA has been investigating Tesla full self-driving collisions in reduced roadway visibility conditions. The probe covers 2.4 million Tesla vehicles equipped with full self-driving technology after four reported collisions, including a 2023 fatal crash.

    It separately opened an investigation in January into 2.6 million Tesla vehicles over reports of crashes involving a feature that allows users to move their cars remotely.

    NHTSA is scrutinizing Tesla’s deployment of self-driving robotaxis in Austin, Texas launched in June and said in a July 1 email to Tesla it was still reviewing the deployment and wants to know if Tesla employees can remotely drive the vehicles.

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  • Grant Thornton Digital Survey: Part Two

    The second installment shares respondents’ thoughts on technology implementation and its impact on efficiency and profitability

     

    — 93% of business leaders are investing in more technology

    — 34% said their data is inadequate for transformation

    — 67% ranked resource optimization as a top technology project for this year

    — 59% said user adoption challenges are one of the top reasons that tech initiatives have failed

    — 63% ranked reducing operational costs as one of the top three ROI goals

     

    CHICAGO — The second of three reports from Grant Thornton’s Digital Transformation survey — which gathered insights from more than 550 cross-functional senior executives across industries — revealed that while 93% of business leaders are investing in more technology, one-third (34%) said their data is inadequate to support transformation.

     

    This second installment of the survey results described how transformation success depends not only on new technology, but also on how human factors, data and smart design shape those investments.

     

    According to Tony Dinola, a principal in the Technology Modernization practice with Grant Thornton Advisors LLC, companies can achieve more with less — and generate profitability today that can be sustained for many years.

     

    “We always encourage our clients to focus on people and process first,” said Dinola. “Before investing in technology, it’s critical to understand the core requirements you are solving for and procure the right technology that is purpose-built for those needs.”

     

     

     

    IT is an agile enabler for opportunity

     

    Additional findings from Grant Thornton’s Digital Transformation survey revealed that 67% of leaders ranked resource optimization among their top five technology objectives for this year. As today’s leaders continue to ramp up technology spending, they’re learning lessons from the past on optimizing return from those investments.

     

    “Modern tech allows for modularized deployment,” Dinola said. “Instead of 24- or 36-month projects, we’re talking six- to eight-week cycles. You see the value faster and can stop if it’s not delivering.”

     

    Dinola added that while the IT function remains responsible for infrastructure and IT security, employees throughout the business are innovating with technology to solve problems — and IT needs to support them.

     

     

     

    User-driven design seeds more success

     

    According to the data, 59% percent of survey respondents said user adoption challenges are one of the top three reasons that technology initiatives have failed at their organizations.

     

    Mike Hennessey, a principal in the Business Consulting practice for Grant Thornton Advisors LLC, explains that in today’s environment, technology must work for people.

     

    “Employee experience reigns as a competitive issue for business leaders. Companies that engage employees in shaping new technology use — through early demos, feedback loops and user-led design — see faster adoption and stronger returns.”

     

    Hennessey adds that this is a great opportunity for leaders to gain a unique lens into their team: “You’ll very quickly see who your upcoming leaders are and who your high potentials are. Those insights are valuable when it comes to executing change at scale.”

     

    The survey also showed that user adoption challenges are the top reason that past technology initiatives have failed. Yet when it comes to measuring the ROI of technology investments, respondents ranked employee satisfaction at the bottom of the list.

     

    Rob Ginzel, a director in the Business Consulting practice for Grant Thornton Advisors LLC, said company leaders should work to make sure employees see how the technology being implemented will benefit them.

     

    “If technology makes work easier and more meaningful for employees, their colleagues and managers, implementation typically goes smoothly,” said Ginzel. “When employees see their peers and leaders using new technology comfortably, that builds trust and curiosity. It turns adoption from a compliance exercise into a desire to work in new and innovative ways.”

     

     

     

    Align metrics with adoption and behavioral outcomes

     

    Another key highlight from the survey centered on cost. According to the data, 63% of survey respondents ranked reducing operational costs as one of the top three ROI goals for their technology investments.

     

    Adoption metrics predict ROI, and cost savings are maximized when technology achieves high levels of adoption. At the same time, frontline usage, engagement and experience signal whether technology tools are driving the intended value.

     

    “We focus on speed to value and end-user adoption — how fast are we getting tools into people’s hands, and how quickly are they making an impact?” Dinola added.

     

    Meanwhile, tracking behavior change — not just usage — can show leadership where hidden resistance may be stalling outcomes. Leaders should analyze how ways of working have evolved.

     

    Dinola summed it up this way: “When people spend less time on low-value tasks and use new capabilities to drive better decisions and improve quality, they’re bound to deliver superior performance at a lower cost.”


    To see additional findings from Grant Thornton’s Digital Transformation Survey, visit: www.grantthornton.com/insights/survey-reports/advisory/2025/make-technology-an-engine-for-profitability.

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  • Farm lender harvests peak outcomes with Borrower Analytics

    Farm lender harvests peak outcomes with Borrower Analytics

    Completing onboarding due diligence can be an extremely complex and time-consuming process, especially for lenders who continue to rely on tedious manual processes. Such was the case for Compeer Financial ― until the farm credit organization deployed Borrower Analytics. Since then, the company has been able to reduce the time spent on UCC searches by 36%, as well as streamline operations, improve report consistency, lower overall onboarding time, and achieve additional benefits.

    Because Borrower Analytics utilizes advanced technology to analyze UCC search documents and deliver actionable intelligence reports, lenders gain deeper knowledge about prospective borrowers and can more quickly evaluate and address potential risks.

    Read our Case Study to find out how Compeer uses Borrower Analytics to elevate its due diligence process and enhance overall operations.

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  • Average five-year mortgage drops below 5% to lowest level in two years

    Average five-year mortgage drops below 5% to lowest level in two years

    The average rate on a five-year fixed mortgage has dropped below 5% for the first time since May 2023, as the cost of borrowing continues to fall steadily.

    The average five-year fixed rate hit 4.99% on Thursday, from 5% a day earlier, according to financial information service Moneyfacts.

    Although the percentage drop may only equate to a small financial saving, it may signal a shift in market sentiment, with Moneyfacts describing such moments as a “symbolic turning point”.

    Even the smallest rate drop can boost buyer confidence and spur greater competition among lenders.

    Meanwhile, the average two-year fixed rate mortgage, which fell below 5% last week for the first time since former Prime Minister Liz Truss’s mini-budget in September 2022, dropped further on Thursday.

    It fell to 4.97% from 4.98% the previous day.

    Adam French, head of news at Moneyfacts, said the latest data was “more welcome news for borrowers” and said it showed lenders were “competing more aggressively”.

    Commenting on the five-year mortgage rate drop, Mr French said: “The slow and steady fall in the cost of borrowing over the last year combined with strong average earnings growth has helped to marginally boost affordability for many homeowners and homebuyers.”

    However, he thinks the latest inflation reading of 3.8% has effectively stopped the chance of seeing another base rate cut in 2025.

    “As a result, a few modest mortgage rate reductions are the best borrowers can probably hope for in the short term as lenders adjust to prospect of higher rates for longer,” Mr French added.

    Peter Stimson, director of mortgages at the lender MPowered, said the five-year average rate drop was good news for looking to buy a house or remortgage but warns “average rates can be a bit misleading.”

    He said: “Much lower rates are available. If you have a sizable deposit or have built up equity in your home, you could well get a fixed interest rate below 4% – irrespective of whether you want to fix for two, three or five years.”

    Lenders are also offering more choice, with 7,031 residential mortgage products available, which is up from 6,992 on the previous working day.

    Hundreds of thousands of borrowers are due to re-mortgage this year.

    UK Finance, the banking industry group, said 900,000 fixed rate deals are due to expire in the second half of 2025.

    Mortgage rates are still higher than in the years before the mini-budget.

    The fiscal event pushed up the cost of UK government borrowing, which fed through into mortgage rates. By July 2023, the borrowing cost of mortgages had soared to the highest level since the 2008 financial crisis.

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