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HOME LOAN OUTLAYS EDGE DOWN IN SEPT

 

Hungarian banks signed contracts for 76.29 billion forints of new home loans in September, 3% less than in the same month a year earlier but 11% more than in August, data released by the National Bank of Hungary shows. Monthly home loan outlays have fallen in the summer but in May they were at their highest level since July 2003. The share of home loans with over one initial year of interest rate fixation was at 98.0% in September, compared to a 90% rate a year earlier. The NBH has been making a concerted effort to push consumers towards fixed-rate mortgage loans instead of variable-rate ones. The average annual percentage rate of charge on home loans stood at 4.91% in September, down from 5.03% in August and down from 5.07% in September 2018. The annualized rate on home loans was 4.60% in September.