The drop in the rate on the UK’s most widely sold mortgage to a seven-year low has failed to revive lending because it’s too high to persuade borrowers to refinance when fixed-rate terms lapse, Moneyfacts said. UK banks approved 49,871 mortgages in April, 46% fewer than the monthly average of the past 15 years, according to Bank of England data.
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The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
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