India, June 29 -- UK mortgage approvals fell to the lowest since late 2023 in May, the Bank of England said Monday.
The number of loans approved for house purchases decreased to 56,205 from 66,034 in April. This was the lowest level since December 2023 and remained well below the expected level of 63,000.
The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages increased to 4.22 percent in May from 4.08 percent in the previous month.
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