Czech mortgage rates are inching higher, according to the Fincentrum Hypoindex, which found that the average yearly cost of money for residential lending is now 2.15 percent. That’s up from 2.1 percent in October, but more significantly, it’s the highest it’s been since the spring of 2015. A year ago, writes Hospodařské noviny, consumers were signing mortgage loans with rates of just 1.71 percent. However, the new rates haven’t cooled the appetite of Czechs for mortgages. In fact, the number of clients that signed up in November for long-term financing rose 800 compared to October to 9,466. It’s possible, however, that they were driven to act by the fear of rising rates. However, experts believe the total volume of mortgage loans signed this year will not exceed last year’s record of CZK 225bn.
