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BOE: New Mortgage Interest Rates Rise, Approvals Dip> 

-BOE UK Aug house purchase approvals 66,580 vs 68,452 July
     LONDON (MNI) - Mortgage approvals dipped in August and average 
mortgage rates on new loans rose, Bank of England data showed. 
     The number of mortgage approvals dipped to 66,580 in August from 
68,452 in July. The average effective interest rate on new mortgages 
rose to 2.00% in August, up from the low of 1.95% in July and with money 
market curves having subsequently moved higher there is further upward 
pressure on mortgage rates. 
     The net change in mortgage lending in August rose to stg4.041 
billion from stg3.584 billion in July but down from stg4.168 billion in 
June.
     Unsecured consumer credit rose by stg1.583 billion on the month in 
August, up from stg1.166 billion in July but below May's stg1.763 
billion outturn.
     The Bank of England Financial Policy Committee at its September 
meeting noted that overall credit growth has been running in line with 
nominal GDP growth and it does not pose an economic risk.
     The FPC, however, has been concerned about the rise in pockets of 
the unsecured credit market and is pushing banks to raise more capital 
to cushion them against potential future losses from unsecured lending.
-email: david.robinson@marketnews.com  
[TOPICS: M$B$$$,M$$BE$,MABDS$]
data-HeadlineBank of EnglandImpactDataPolicy NewsData StoriesFiscalCEEMEARegulationBank Of England (BOE) Market NewsHeadlineUKFixed Income BulletsForeign Exchange BulletsRegionCentral Bank News
data-HeadlineBank of EnglandImpactDataPolicy NewsData StoriesFiscalCEEMEARegulationBank Of England (BOE) Market NewsHeadlineUKFixed Income BulletsForeign Exchange BulletsRegionCentral Bank News
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