Economic Buzz: UK mortgage approvals hit three-month high

UK mortgage approvals hit a three-month high in June, official data revealed on Tuesday. Approvals for house purchases increased to 64,167 in June from 63,288 in May, the Bank of England reported. The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages decreased for the fourth consecutive month, to 4.34 percent from 4.47 percent in May.

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