Bank of England mortgage approvals unexpectedly rose to 65,945 in April from 63,979 in March, beating economists' 62,000 forecast and marking the highest level since January last year. The rise, amid geopolitical fallout from the Iran conflict, may reflect borrowers rushing to lock in mortgages ahead of anticipated further rate hikes, though economists note May house-price data show the property market has lost momentum. Two-year fixed mortgage rates are 5.68%, roughly 90bps above late February

Bank of England mortgage approvals unexpectedly rose to 65,945 in April from 63,979 in March, beating economists' 62,000 forecast and marking the highest level since January last year. The rise, amid geopolitical fallout from the Iran conflict, may reflect borrowers rushing to lock in mortgages ahead of anticipated further rate hikes, though economists note May house-price data show the property market has lost momentum. Two-year fixed mortgage rates are 5.68%, roughly 90bps above late February (pre-US/Israel strikes on Iran), but have eased from recent peaks.