Home loan outlays jump in March
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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.
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.
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