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Hungary: Consumer loan rates fall, home loan rates rise in October

  The average interest rate for forint-denominated consumer loans dropped 33bp in October, while home loan rates rose 35bp. APR, however, rose 11bp and 77bp, respectively, central bank (MNB) figures released on Friday show.


The average rate for consumer loans stood at 19.74%, up 98bp from the end of 2007 and 200bps higher than a year earlier, while the home loan rate of 11.16% was up 125bp from the end of 2007, but up only 80bp from a year earlier.

The average APR for consumer loans was 26.65%, 223bp higher compared to the end of 2007 and up 102bp from a year earlier, while the APR for home loans was 14.29%, 174bp more than in December 2007 and up 126bp in twelve months. The MNB raised its base rate by 300bp to 11.50% at an extraordinary meeting of the Monetary council on October 22.

The average retail forint deposit rate rose 94bp in October to 8.54% for fixed deposits, 159bp higher than at the end of 2007 and up 222bp from a year earlier. The O/N retail deposit rate rose 26bp in October to 2.94%. (MTI-Eco)