Czech banks needed lower rates to maintain mortgage momentum

Czech banks needed lower rates to maintain mortgage momentum

Published at: 2019-06-20 11:38 | Author: CIJEurope.com
The average interest rate for mortgages issued in May fell to 2.8 percent, down from 2.85 percent in April, making it the fourth consecutive monthly fall. Fincentrum Hypoindex reports that banks are competing to maintain market share and the lower rates succeeded in bringing in more customers. In all 6,977 mortgages were issued in May, which was 582 more than in the previous months. The total volume of the loans rose CZK 1.3bn to CZK 15.927bn, which was the highest that indicator has risen since last November. However, this year's monthly figures represent a huge fall compared to the first five months of the previous two years. In 2017, banks had already handed out more than CZK 96bn in mortgages by the beginning of June, though this slipped to CZK 85bn in 2018. This year, the figure is a paltry CZK 67.1bn.

Similar Stories:

Croatian housing prices rise 7.4 percent in Q1
Housing prices rose 7.4 in Croatia during the first quarter 2019 compared to Q1 2018. In Z  »
Foreigners buying homes in large numbers in Istria
Wealthy people from around the globe are piling into the Istrian region of Croatia in orde  »
Brno residential prices hit CZK 80,000 per sqm
Prices for new flats in Brno have reached CZK 80,000 per square meter, but this hasn'  »
Czech mortgage loan rates fall for 5th straight month
One of the reasons Czech National Bank began raising interest rates last year was an attem  »
Where do you see your company going over the next two years? Since I became GM of the co   »
Construction has begun on Bispevika, a brownfield project along Oslo’s waterfront that   »
PSN has sold 350,000 sqm of land to the dominant Czech residential developer Central Group   »
Investors from China, Russia and other countries are leading a growing influx of foreign f   »