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Number of mortgages drops as rates rise

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Právo reports that the number of mortgages granted in January 2019 dropped significantly, largely due to quickly-rising interest rates. The average interest rate for January was 3%, which was significantly higher than the average 2.91% rate in December 2018.

4764 mortgages for a total value of CZK 10.93 billion, were granted in January, which was 1801 and CZK 4 billion lower, than the numbers in December.

In a year-on-year comparison, the figure for January 2018, was CZK 16 billion. Experts believe this reflects a significant cooling in the market and future growth is expected to slow considerably.

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