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Free AccessMNI US OPEN - RBNZ Cuts 50bps, OCR Forecast Slightly Higher
MNI China Daily Summary: Wednesday, November 27
MNI POLICY: Mortgage Demand Slips; Interest Rates At New Lows>
By David Robinson and Irene Prihoda
LONDON (MNI) - Bank of England money and credit data showed a
decline in mortgage approvals while the average interest rates paid by
borrowers remained at all time lows and unsecured credit growth
atrophied.
The data highlight how the rise in Bank Rate, from 0.25% to 0.75%,
has not fed through to higher interest payments for many borrowers. The
housing market overall, however, looks subdued.
The following are key points from the BOE data sets:
-The number of mortgage approvals, a good indicator of future
house purchases, fell to 62,341 in March from 65,340 in February, the
lowest reading since December 2017.
With London house prices declining and most surveys showing subdued
house price inflation elsewhere, there is plenty of evidence of a soft
housing market.
-The average interest rate on the stock of fixed 3,4 and 5 year
mortgages hit posted fresh series lows in March. The average interest
rate on the stock of all fixed rate mortgages was unchanged at 2.23% for
the third consecutive month, a joint all-time low.
-Unsecured borrowing growth was very low in March, increasing by
just stg0.549 million, down from stg1.229 billion in February and the
lowest reading since November 2013.
UK consumers, in March at least, did not fuel spending through
unpaid credit card and other borrowing.
As consumer confidence remains weak these data raise questions
over whether consumption will underpin economic growth in the months
ahead.
-London newsroom: e-mail: 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.