UK Mortgage rates stay high

The Council of Mortgage Lenders publish data on average monthly mortgage interest rates. If the most recent numbers are any guide, it would appear that mortgage lenders haven't paid too much attention to the Bank of England's rate cuts. If anything, rates actually crept higher over the summer months.

The data ends on September, so it won't reflect the MPC's recent desperate 150 basis point cut. However, with mortgage approvals down around 60 percent, even if the banks do pass on the rate reductions, it won't help increase demand for over priced housing.