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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.
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