BOE: Jun Mortgage Approvals Fall; Interest Rates Steady>

-BOE UK Jun house purchase approvals 64,684 vs 65,109 May

     LONDON (MNI) - Mortgage approvals fell in June, adding to the raft 

of evidence of a cooling housing market, with interest rates on new 

mortgages no longer falling.

     The number of mortgage approvals fell to 64,684 in June from 65,109 

in May, the lowest outturn since the 63,532 recorded back in September 

last year. The overall decline in interest rates on new mortgages 

appears to have come to an end, with the average effective rate on new 

business holding steady at 2.05%, unchanged from May and up from 2.03% 

in April. 

     Approvals are a reliable indicator of future housing market 

activity and these data point to more subdued activity in the 

months ahead. 

     The change in unsecured borrowing in June retreated from levels set 

in in May, falling to stg1.458 billion versus stg1.769 billion. 

     Net mortgage lending, measuring the change in loan values, rose to 

stg4.149 billion in June from stg.3912 billion in May, its highest 

outturn since March 2016.

-email: david.robinson@marketnews.com  

[TOPICS: M$B$$$,M$$BE$,MABDS$]