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Mortgage prices are not coming to an end. Even so, interest in housing finance is record high and the volume of mortgages provided is growing. Their average interest rate is currently around 2.7%, but according to economists, it will soon reach 4.5%. According to experts, the high interest in mortgages is due to people’s fear of continuing price increases.
Buying your own home is becoming more and more expensive. The advantage is those who arranged the mortgage at the beginning of the year. “Now I have it fixed for five years. Then it will change again. If I have to pay 12 or 16, you already know that damn,” Ivana Zatřepálková told Nova TV.
The interest rate was the lowest in February this year, now reaching 2.7%. “This November figure also reflects the fact that contracts were concluded with clients who came back to the bank several months ago. At the moment, the offer interest rate is already around 4%,” explained Jakub Seidler, chief economist of the Czech Banking Association.
People are trying to protect their money. “Due to rising inflation, people are trying to protect their savings and invest in real estate,” said Zuzana Filipova, a spokeswoman for Moneta Money bank. This year was reportedly a record in mortgages, as confirmed by several television companies.
“This year was a record year for mortgages, we sold 30% more mortgages,” said Milan Voldrich, director of mortgage loans at Raiffeisenbank. “This year was really extreme, 400 billion mortgages will be sold this year, in those previous years there was a maximum of around 250,” said Ondřej Šuchman, spokesman for Komerční banka.
In November, banks settled 14,500 mortgages for a total of 16 billion crowns. It’s a fifth more than last year. But the interest is said to be going down significantly. “Next year, the demand will slow down partly due to higher interest rates and due to the fact that the central bank will want to tighten some parameters,” described Jakub Seidler, chief economist of the Czech Banking Association.
From April, the new conditions for providing mortgages will come into force. For example, banks will not lend you more than 80% of the property price, the client must have the rest saved. While the average mortgage rate in January was 2.9 million, it is now 300,000 higher due to rising real estate prices.
TN.cz
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