Cleveland Based Key News Today

The average rate for a 30-year fixed mortgage has climbed to 7.13%, according to the Mortgage Bankers Association.

This was the 11th consecutive time Cleveland-based Key received the highest possible CRA rating, the bank said. Keys exam covered a period from the start of 2019 through the end

Banks are hardly giving up on branches. New ones are opening, and some existing ones remain busy places.

The bank is using a recent fintech acquisition to embed its services in merchant categories like health care and philanthropy, which have typically lagged in the move to digital commerce.

GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.

Fourth-quarter profits rose 10% at the Cleveland company as investment banking income hit a record and nonperforming loans plummeted. Executives say charge-offs will probably start rising in late 2022 but that fee income from capital markets transactions will keep growing.