Banks and
building societies granted mortgage loans in the volume of CZK 11.9bn in July
2022. Month-on-month, the volume and number of mortgages fell by more than a
third. This is based on data from the Czech Banking Association's (ČBA)
Hypomonitor. The year-on-year drop in the volume of mortgages granted has
intensified to 73%. Compared to July 2020, it is lower by 55%. The interest
rate on new mortgages has risen to 5.4% after 5% in June. The rise in rates is
thus a delayed response to the development of market interest rates, which had
been rising until the middle of the year. In recent weeks, the trend has
reversed, which will dampen upward pressure on mortgage rates.
Source: Daily news | ČIA news
Czech Trade and
Czech Invest Sydney