Mortgage rates are at their lowest

Mortgage interest rate deduced

Mortgage rates dropped in June of 2016 to the lowest level since 2007, figures released by the Central Bank of Cyprus showed on Tuesday (02/08/2016).

The figures showed that the interest rate on household deposits with an agreed maturity of up to one year remained unchanged at 1.49 per cent, compared with the previous month.

The corresponding interest rate on deposits from non-financial corporations recorded an increase to 1.45 per cent, compared with 1.34 per cent in the previous month.

The interest rate on consumer credit decreased marginally to 4.47 per cent, from 4.49 per cent in the previous month.

The interest rate on mortgage also fell to 2.99 per cent, from 3.09 per cent in the previous month.

The interest rate on loans to non-financial corporations for amounts up to 1 million euros increased to 4.23 per cent, from 4.12 per cent in May.

In contrast, the interest rate on loans to non-financial corporations for amounts over 1 million euros dropped to 3.76 per cent, compared to 3.84 per cent in the previous month.

Source: CNA

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