Czech mortgage loan rates fall for 5th straight month

by   CIJ iDesk I
2019-07-17   06:29
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One of the reasons Czech National Bank began raising interest rates last year was an attempt to cool down the Czech Republic's raging residential market. In this, however, the bank has succeeded only in part, as mortgage rates fell for the fifth consecutive month in June to 2.76 percent. In February, when the slide began rates were listed by Fincentrum at 2.76 percent. Moreover, writes the company in its newest report, the volume of mortgages exceeded CZK 15bn for the second month in a row, hitting CZK 16.5bn a figure that was CZK 2.88bn lower than in June 2018. The size of the average mortgage in June was CZK 2.3m. People who borrowed CZK 1m receiving term sheets with payments of CZK 5,425 per month on a 20-year loan. Czechs borrowed more than CZK 83bn during the first six months of the year through a total of more than 36,000 loans. Those figures are still lower than in 2018, when the comparable figures were CZK 83bn lent through 49,000 mortgage loans.