UK mortgage approvals fall but top expectation in October - BoE data

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UK mortgage approvals were higher than expected in October, but fell from September, numbers on Monday showed.

According to the Bank of England, mortgage approvals fell to 65,018 in October, from 65,647 in September. The figure topped the FXStreet-cited consensus of 64,400.

The ’effective’ interest rate, the actual interest paid on newly drawn mortgages, decreased by 2 basis points to 4.17% in October from 4.19% in September.

It was the tamest effective interest rate since January 2023.

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