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(Z1) Trend Condition Remains Bullish


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SOFR Decline, Potential Drivers

-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%.