Mortgage interest rates decline to new historic low

Mortgage interest rates in the Cypriot banking system declined to 2.76% in May 2017, marking a new historic low, according to figures released by the Central Bank of Cyprus.

Compared with April the mortgage lending rate marked a reduction of 12 basis points.

Interest rates for consumer credit in May also declined to 4.04% from 4.19% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to Euros 1 million registered a decline to 3.92%, compared with 4.06% in the previous month.

Interest rates for loans to non-financial corporations for amounts over Euros 1 million recorded an increase to 3.70%, compared with 3.60% in the previous month.

On the other hand, interest rates on deposits from households with an agreed maturity of up to one year remained unchanged at 1.37%, compared with the previous month.

The corresponding interest rate on deposits from non-financial corporations rose to 1.48%, compared with 1.37% in the previous month.

Source: Cyprus News Agency