Home Loan Rates Climb Over 10%

Residential

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The average annual percentage rate for home loans in Hungary stood at 10.25% in October, monthly data released by the National Bank of Hungary (MNB) on Friday show.

The average home loan APR rose from 9.27% in September and 8.46% in August. The average rate for contracts signed in January was 4.79%.

The central bank base rate, which is paid on mandatory reserves, stood at 13% in October. In mid-October, MNB launched daily tenders for O/N deposits that pay 18%.

Households signed new home loan contracts with a value of HUF 60 billion in October, down from HUF 79 bln in September and HUF 96 bln in August.

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