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Mortgage rates at historic low

05/10/2017 09:30
Data released by the Central Bank of Cyprus on Wednesday show that mortgage rates reached in August 2017 a historic low, while at the same time consumer loans rates stood at a 15 month high.

Deposit rates for both households and businesses recorded an increase.

According to the official data, the rate for fixed one year deposits for homes was up in August at 1.29%, compared to the historic low of 1.26% in July.

The equivalent rate for deposits by non financial companies also recorded an increase at 1.42% compared with 1.38% in the previous month.

The rate for consumer loans reached the highest level since June 2016, recording an increase at 4.48% compared to 4.22% in July.

Mortgage rates on the other hand fell at the historic low of 2.68% compared to 2.75% in the previous month.

The rate on loans to non financial companies for amounts up to €1 million dropped to 3.91% compared to 4.03% in the previous month, reaching its lowest level since January. The rate for loans of over €1 million recorded an increase to 3.87% compared to 3.63% in July.