Mortgage approvals in the UK decreased unexpectedly in May, data from Bank of England revealed Tuesday. But growth in net mortgage lending and consumer credit exceeded expectations in May. The number of loans approved for house purchase stood at 49,815 in May, down from April’s revised 49,828.
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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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