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  • ( ) New bank mortgage approvals tumble to 10-year low

    New mortgage approvals by UK banks fell to a 10-year low last month as tighter lending standards and uncertainty over house prices hit demand, the British Bankers Association said yesterday.

    The number of mortgages approved for house purchase fell from 43,944 in November to 42,088 in December, nearly 40 per cent below their level a year earlier and the lowest since the BBA's records began in 1997.

    "This confirms that demand for, and supply of, mortgages has been severely affected by falling buyer confidence and the prolonged effect of the credit crunch," said Brigid O'Leary at Capital Economics, noting that mortgage approvals in the last quarter of 2007 were 40 per cent below the previous year.

    Net mortgage lending also remained weak at £4.7bn, compared with November's £4.6bn and a previous six- month average of £5.2bn. More>>

  • ( ) Study on mortgage switching

    Research commissioned by EBS Building Society among mortgage switchers has revealed 83% of respondents said they found it easy to switch.Furthermore, 80% claimed to have saved money by switching. The research was conducted by Millward Brown IMS among 200 EBS members who had switched their mortgage from a competitor within the past 12 months.

    Some 68% of all switchers said that a factor which influenced them was the most competitive rates, while 64% said better customer service was the reason and 55% the best long-term value.

    Rises in interest rates were also a significant motivation for switching. . More>>

  • ( ) Mortgage rates fall to four-year low

    Mortgage rates fell to a four-year low Wednesday, a day after the Federal Reserve cited a weakening economy in its emergency reduction of its benchmark interest rate.

    The drop could encourage as many as 7 million homeowners to apply for new mortgages, many to avoid resets of adjustable rates, Tony Crescenzi, chief bond market strategist at Miller Tabak & Co. in New York, said in a report. Lower monthly payments would put more money in their pockets and encourage consumer spending, he said.

    The average rate for a 30-year fixed mortgage declined to 5.31 percent, the lowest since March 2004, when the Fed's benchmark rate was 1 percent, according to Bankrate Inc., a research firm. Fixed rates are set by investors in mortgage-backed securities based on their economic and inflation expectations. More>>

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