Czech mortgage approvals climb in September as rates edge higher
Czech banks issued mortgages worth CZK 35.4 billion in September, a 3% rise from August but 6% lower than a year earlier, while average rates rose to 5.1%.
According to the Czech Banking Association’s Hypomonitor, new mortgage lending excluding refinancing grew 5% month-on-month to CZK 28 billion. Lenders granted 5,995 new mortgages, up nearly 3% from August but down 12% compared with the same month last year. The average interest rate on fresh mortgages increased to 5.1% from 5% in August. Persistent high property prices and higher borrowing costs are limiting demand.
Why it matters
The data shows how rising rates and pricey homes are shaping Czech housing finance.
In this story
mortgage lendinginterest ratesCzech bankshousing demandproperty pricesnew mortgageshypomonitor
