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-BOE UK Jan house purchase approvals 67,478 vs 61,692 Dec
LONDON (MNI) - Mortgage approvals rose sharply in January to their
highest level since July and average mortgage interest rates dipped,
according to Bank of England data.
The number of mortgage approvals rose to 67,478 in January from
61,692 in December, hitting their highest level since the 69,037 posted
last July. If approvals were to remain around January's level, they
would be running faster than the BOE Monetary Policy Committee
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. This would be accompanied by subdued house price
inflation, of around 0.5% a quarter, and flat housing investment.
Having risen in December following the November rate hike average
mortgage interest on the stock of mortgages fell to 2.53% in January
from the previous month's 2.55%, and on new business fell to 1.96% from
Some quoted mortgage rates, which are offered or 'shop window'
mortgage rates, however, picked up.
The average rate on the popular 3 year 75% loan-to-value mortgage
rose to 1.7% from 1.69%, the highest since July 2017.