UK mortgage approvals declined to a 28-month low in October as rising interest rates started to hurt housing market activity, official data revealed. Approvals for house purchases, an indicator of future borrowing, declined more-than-expected to 58,977 in October from 65,967 in September, the Bank of England data showed. Secured lending decreased to GBP 3.96 billion in October from GBP 5.87 billion in the previous month. The effective interest rate, the actual interest rate paid on newly drawn mortgages, increased by 25 basis points, to 3.09 percent in October. Powered by Commodity Insights
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