Average mortgage interest rate in CR falls to 3.06 pct in Dec

České peníze, bankovky, koruna, klíč, hypotéka, nájem, stavební spoření - ilustrační foto.

published: 22.01.2014, 07:58 | updated: 22.01.2014 08:09:43

Prague - The average interest rate on mortgage loans in the Czech Republic fell to 3.06 percent in December from 3.09 percent in November, while in June it was at 2.95 percent, the lowest level since the start of the monitoring, according to Fincentrum Hypoindex data.

Interest in mortgage loans in December was roughly the same as a month earlier.

The number of clients taking a mortgage loan in December was by just 92 lower than in November. A total of 8,175 clients signed mortgage contracts in December.

On the other hand, the volume of mortgage loans granted in December rose moderately to Kc13.501bn.

"Last year´s December, in contrast to previous years, brought no surprise, rates and volumes of mortgage loans got stabilised in the last quarter," said Fincentrum chief analyst Josef Rajdl.

"Banks were not coming with new offers too much at the close of the year, either. They spent most of their energy on updating new methods and documents related to the introduction of the new Civic Code," he added.

Since the start of this year, banks have to report to the Czech National Bank (CNB) how many mortgage loans are new and how many are refinanced. The numbers provided by Hypocentrum include refinanced mortgage loans as well.

According to mortgage bank Hypotecni banka estimate, the volume of mortgage loans provided to households last year increased by 28 percent to a record roughly Kc155bn.

The record thus far was in 2007 when mortgage banks provided almost Kc143bn worth mortgage loans. Unlike in the previous years, the refinancing trend influenced the total figure as, by estimates, refinanced loans made up a third of the total volume.

Author:
www.ctk.cz

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