Home loan outlays jump in March

Sustainability

Image by Shutterstock.com

Hungarian banks signed contracts for HUF 76.3 billion of new home loans in March, 26.5% more than in the same month a year earlier and 21.8% more than in February, data released by the National Bank of Hungary (MNB) shows, state news wire MTI reported.

Illustration: Shutterstock

Monthly home loan outlays were at their highest level since October 2018.

The share of home loans with over one initial year of interest rate fixation was at 94.8% in March, compared to a 61.3% rate in March 2017. The MNB has been making a concerted effort in recent months to push consumers towards fixed-rate mortgage loans instead of variable-rate credit.

The average annual percentage rate of charge on home loans stood at 4.98% in March, down from 5.02% in February, but up from 4.41% in March 2018. The annualized rate on home loans was 4.64% in March.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.