New warning over mortgage lending
Mortgage funding could be cut by half in 2008 if no extra funding comes from the Bank of England, says the Council of Mortgage Lenders' (CML) chairman.Latest figures
The latest figures from the CML on Monday showed the number of mortgages being lent for house purchase fell to its lowest level for 16 years in February.
There were just 49,000 loans made to home buyers in February, 3.5% lower than in January and 33% down on February last year.
The CML's mortgage figures for the three months to February, at a combined 163,000, are the lowest for any quarter since early 1992 during the depths of the last recession.
The Bank of England's Monetary Policy Committee reacted to the housing market slowdown with a cut in interest rates on Thursday.
Thirteen mortgage lenders, including the biggest lenders, have announced they are cutting their standard variable mortgage rates by the full quarter of a percentage point following the Bank of England's cut in base rates to 5%.
Many others say they will take more time to decide.see the rest of this article : http://news.bbc.co.uk/2/hi/business/7343104.stm
The credit crunch does not have a larger effect for dollar only but it was flow to the global world and off course no excuse for pound too.
My forecast technically still view more downside for cable,and my projection last week still the same.Just mark your chart with the important point,1.9830,1.9880 and 1.9930,there are 3point to stop any action for cable to upside,every trial toward this point should be a big choice to sell the pound.
The price look like to continue to aim 1.9650 first,following next 1.9330,1.90 and 1.86.This quarter show a visible weakness for pound and next potential cut rate are possible happens in future.I will update the relevant entry for secure your position at the next post.
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