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Home loan outlays continue to moderate in September

Sustainability

Hungarian banks signed contracts for HUF 77.65 billion of new home loans in September, 34.8% more than in the same month a year earlier but 4.5% less than in August, show data released by the National Bank of Hungary (MNB), state news agency MTI reported.

Monthly home loan outlays have been falling for three months straight since peaking in June, but were still at high levels in September as similar levels were last seen during the fall of 2003.

The average annual rate of interest on home loans stood at 5.08% in September, up from 4.97% in August, and from 4.68% in September 2017. The annualized rate on home loans was 4.74% in September.

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