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.
