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CML figures show average mortgage rate in November was 6.81 per cent

The average rate of interest being charged on loans for house purchase and remortgages during November 1998 was 6.81 per cent.


The latest Council of Mortgage Lenders survey shows that the average rate of interest in November was 6.9 per cent on variable rate loans and 6.74 per cent on fixed-rate products.


In the three months to the end of November, 202,000 mortgages were taken out on a variable rate basis compared with 209,000 on a fixed-rate basis.


The number of fixed mortgages taken out in 1998 increased to 55 per cent of all new mortgages from 19 per cent per cent in 1996.

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