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(Z1) Shallow Bounce


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Still Looking For Weakness

     By David Robinson and Irene Prihoda
     LONDON (MNI) - Bank of England money and credit data showed 
     The following are key points from the BOE data sets:
     -Mortgage interest rates in May, in aggregate dipped lower with 
rates on new mortgages tending to hold steady or decline slightly. 
     The data show that despite BOE Monetary Policy Committee members 
continuing to talk about limited and gradual tightening ahead, 
mortgagees are seeing a slight easing in interest rates paid. 
     The average rate on the stock of mortgage fell to 2.42% in May from 
2.45% in April, the lowest rate on record. 
     The quoted, or shop window, mortgage interest rates published 
earlier in the month showed that the average rate on 2 year, 3 year and 
5 year 75% loan-to-value mortgages were, respectively, unchanged at 
1.66% and 1.80% and dipped to 1.98% from 2.00%. 
     -Mortgage approvals, a reliable indicator of future housing market 
activity, declined to 65,409 in May from 66,045 in April. Mortgage 
approvals have held in a tight range so far this year with the low 
62,446 in March and it is hard to read much into the monthly volatility. 
     -Unsecured borrowing remained soft in May, with May's net consumer 
credit falling to stg0.822 billion from stg0.968 billion. 
     The series' peak was stg2.296 billion in March 2016 but the 
evidence in recent months is of subdued demand for unsecured loans with 
household deleveraging continuing. 
 -London newsroom: e-mail: