Hypoteční banka raises mortgage rates 0.2 percent

Hypoteční banka has raised its mortgage rates 0.2 percent because of what it says are higher prices for money on the inter-bank market. The bank is one of the biggest mortgage lenders on the Czech market, but it's the only bank in the country that's raised its rates. The move comes after months of rate increases since the beginning of the year. The average interest rate in fell from 2.47 percent to 2.36 percent in October according to Fincentrum Hypoindex, the ninth consecutive monthly decrease. The lowest rates have ever fallen to were 1.77 percent in December 2016. "We watch the situation on the market as well as steps taken by the competition and we can't exclude that in the forseeable future we'd consider raising our mortgage rates," said Filip Hrubý, Česká spořitelna's spokesman Filip Hrubý.