UK mortgage approvals increased on a monthly basis in January, while the effective interest rate on newly drawn mortgages fell, according to numbers from the Bank of England on Thursday.
Net mortgage approvals for house purchases rose to 55,200 in January from 51,500 in December. This was higher than FXStreet-cited market consensus of an increase to 52,000 approvals.
Net approvals for remortgaging remained stable at 30,900 in January.
The effective interest rate on newly drawn mortgages eased to 5.19% in January from 5.28% in December.
The BoE’s own benchmark interest rate is currently 5.25%, where it has stood since August.
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