However, the decline in the average mortgage rate is holding back.
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“While in May and June the average rate fell by another nine basis points, in August it fell by only four basis points,” said Jiří Sýkora from Fincentrum & Swiss Life Select.
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According to him, the interest in mortgages was again a record last month, when with the volume of mortgages provided in the amount of 19.173 billion crowns, this August became the most successful eighth month in the history of the hypoindex.
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In August, banks provided 6868 mortgages, which is 999 less than in the previous month. The volume of provided mortgages decreased by almost 2.5 billion crowns compared to July.
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The average mortgage rate rose to a new all-time high in August. Compared to the first holiday month, it increased by 46,396 crowns and reached 2,791,673 crowns. After a slight decline in July, growth came again. This confirms that the growth of real estate prices is still not slowing down.
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Since January 2019, when it climbed to three percent of the historical lows from the end of 2016, the average rate has fallen by 0.89 percentage points. Even so, for example in Germany, Austria or Slovakia, mortgages are significantly cheaper than in our country.
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The continuous decline in average interest rates in the Czech Republic since the beginning of last year has been disrupted only in the first quarter of this year, when it rose by 0.1 percentage point over three months.
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“However, the price of money on the financial market is gradually rising and the scope for further cheaper mortgages is closing. In addition, banks are uncertain about the end of the moratorium, which may mean an increase in the number of clients who will not be able to repay their mortgages, “said Sýkora.
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According to him, in August it decided to reduce Sberbank’s mortgage rates, and at the beginning of September Moneta Money Bank and UniCredit Bank joined it.
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