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Free AccessBOE: Nov Mortgage Fixed Rates Fall; Approvals Rise>
-BOE UK Nov house purchase approvals 65,139 vs 64,887 Oct
LONDON (MNI) - Mortgage approvals rose in November from their
October lows while average interest rates on fixed rate mortgages fell,
Bank of England data showed.
The number of mortgage approvals rose to 65,139 in November from
64,887 in October. The October outturn was the lowest since September
2016 and the November pick-up still approvals below the September 2017
reading of 66,179.
The data showed that the average effective interest rate on new
mortgages rose to 1.99% in November from 1.92% in October, while it held
steady at 2.50% on the stock of mortgages.
The BOE Quoted Rates series, which provides the most timely data as
it measures the interest rate on mortgages offered by lenders, showed
average interest rates dipped on three year 75% loan-to-value mortgages
to 1.68% in November from 1.69% in October and to 2.03% from 2.04% on
five year 75% LTV mortgages.
The data overall show a housing market that appears to be treading
water, with approvals still way below pre-global financial crisis norms,
when monthly approvals ran above the 100,000 mark.
Most analysts expect subdued house price inflation at most in 2018.
-email: david.robinson@marketnews.com
[TOPICS: M$B$$$,M$$BE$,MABDS$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.