Czech mortgage rates stabilize at 3%

The upwards spiral of mortgage rates halted in February at least momentarily, with the average interest rate even falling slightly to 2.99%. Otherwise, the number and volume of mortgages completed during the year's shortest month was nearly the same as in January. In all, 4,961 mortgage loans worth CZK 10.8bn were completed in January, slightly less than the 4,764 figure from the month before. It's a dramatic change from February 2018, when nearly 7,000 loans were completed and the total volume was CZK 5bn higher. The figures suggest that the situation may have stabilized and that further developments in the coming months will depend primarily on the interest rate strategy chosen by the Czech National Bank.