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-BOE UK Dec house purchase approvals 61,039 vs 64,712 Nov
LONDON (MNI) - Mortgage approvals fell sharply in December while
average mortgage interest rates rose, according to Bank of England data,
adding to the evidence of a cooling housing market.
The number of mortgage approvals, an indicator of future
housing market activity, fell to 61,039 in December from 64,712 in
November, hitting their lowest level since January 2015. The average
interest rate on the stock of mortgages, and on new mortgages, rose in
December from November.
The average effective interest on the stock of mortgages in
December was 2.55%, up from 2.50% in November, while on new business it
rose to 2.02% from 1.99%.
Quoted mortgage rates, which are offered or 'shop window' mortgage
rates, however, did not show across the board increases from November.
This suggests that average new mortgage interest rates in January may
not appreciate much further, if at all.
The average interest rate on three year 75% loan-to-value mortgages
nudged up to 1.69% in December from 1.68% in November, while on a
two-year 75% LTV it fell to 1.57% from 1.61% but on a five year rose to
2.06% from 2.03%.