Overview
- Bank of England data show the average rate on newly drawn mortgages fell to 4.17% in October, continuing a steady decline since March.
- The average rate on the outstanding stock of home loans stayed at 3.89% for a third month, leaving many refinancing borrowers facing higher payments.
- Net mortgage borrowing dropped to £4.3 billion in October from £5.2 billion in September, and approvals for house purchases eased to 65,000.
- Market pricing has shifted toward a December 18 base-rate cut, with reports citing roughly a 90% probability of a 0.25 percentage point reduction.
- In the US, Zillow put the 30‑year purchase average at 5.99% and 30‑year refi at 6.78%, while Freddie Mac reported a slight weekly uptick to 6.26% for 30‑year loans and 5.54% for 15‑year loans, underscoring how even small rate moves can meaningfully affect payments.