9 publishers · first seen Thu, 29 Oct 2026 10:25 UTC · updated Thu, 29 Oct 2026 21:25 UTC
The average 30-year fixed-rate mortgage in the U.S. fell to 7.24% from 7.32% the previous week, according to Freddie Mac, marking its lowest level in over a month. This follows a recent climb in rates linked to the conflict in the Middle East, which pushed up oil prices and inflation, driving borrowing costs higher. In the UK, mortgage approvals for house purchases dropped to 53,443 in September, the lowest since December 2023, as higher effective interest rates on new mortgages rose to 4.63% from 4.6% in August, according to the Bank of England.
Remortgaging approvals in the UK increased to 42,600 in September from 34,000 in August, while consumer credit use fell to £1.9 billion from £2.7 billion. Zoopla reported that 35% of UK homes are in postcode areas where property values have declined over the past year, up from 12% a year earlier, with 85% of homes in London and the South East in such areas. Some regions, including Liverpool, Carlisle and Kilmarnock, still see annual price growth above 4%.
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