UK mortgage approvals decline to two-year low in January - BoE
UK mortgage approvals unexpectedly declined in January, data from the Bank of England showed on Monday.
According to the central bank, mortgage approvals fell to 59,999 in January, from 61,007 in December. The latest reading was the lowest since 55,946 in January 2024 and were below the FXStreet cited consensus of 62,000.
The ’effective’ interest rate, the actual interest paid on newly drawn mortgages, ebbed to 4.09% in January, from 4.15% in December. The effective interest rate fell to its lowest level since 3.88% in January 2023.
The BoE’s benchmark rate currently stands at 3.75% after cutting six times since August 2024. It held rates last month.
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