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BOE: 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$,MABDS$]

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