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2019-09-13  07:26

CIJEurope.com

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Czech mortgage rates not finished falling

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The Czech economy may be slowing, but the country's banks continue to fight each other over the shrinking pool of mortgage clients. According to the daily E15, UniCredit Bank reduced set its rates at 2.22 percent across the board, regardless of the length of fixation. Another example is Česká spořitelna which dopped its rates another 3 bps, meaning that a 10-year loan can be had for just 2.54 percent. E15 reports that consumers can secure even better rates at Fio banka and Air Bank. "The fall in long-term rates has made the reduction in mortgage prices possible," says J&T Banka's chief analyst Petr Sklenář. E15 reports that banks are able to offer each other 10-year loans at around 1.4 percent, a fact that Luboš Svačina from the mortgage brokerage Golem Finance suggests that rates should fall further still. "Mortgage rates could fall further. "Prices on the inter-bank market are at 2017 levels when average mortgage rates were at 2.1 percent in July. Now the average is 2.8 percent."

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