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-BOE UK Feb house purchase approvals 63,910 vs 67,110 Jan
LONDON (MNI) - Bank of England data showed that mortgage approvals
fell back in February after a sharp rise in January as volatility
continued in the monthly numbers, with the underlying trend heading
Mortgage approvals in February fell to 63,910 from 67,110 in
January but up from 61,248 in December. The Bank noted that mortgage
approvals and remortgaging in February were both below their six month
The data are compatible with a tepid housing market.
Remortgaing approvals in February declined to 46,622 from 48,690 in
January, below the six month average of 65,162.
The BOE's February Inflation Report stated that in Q1 to Q3 2018 it
reckoned it was likely that mortgage approvals would average around
65,000 per month, with subdued house price inflation of just around 0.5%
a quarter. Recent data are compatible with this projection.
Having risen in December following the November rate hike average
mortgage interest on the stock of mortgages fell to 2.51% in February
from 2.53% in January but up from 2.50% in November.
On new mortgage business, average interest rates rose to 2.02% from
1.96%. Some quoted mortgage rates, which are offered or 'shop window'
mortgage rates, saw the spread widen between 75% and 95% loan-to-value
by 10 basis points.
The picture on headline quoted rates was mixed, with no clear
direction compared to January.