Czech banks are wasting no time at all in raising interest rates following the Czech National Bank’s 25 bps rate hike last Thursday. On the same day, Hypoteční banka, ČSOB and Sberbank all raised their rates for mortgage loans, while Komerční bank was expected to follow suit today. “The raised basic rate of the Czech National Bank is being felt in the rates as is the strictier monetary policy that has an impact on the price of money and produces higher interest rates. The most commong increase is 0.2 percent annually,” Šárka Samková (Sberbank) told Hospodářské noviny. “For mortgages of up to 80 percent of the value of the property we have a new rate for 3-year fixed loans 2.69 percent, for a 5-year fixed loan the rate is 2.79 percent annually,” said the spokeswoman of Hypoteční banka.
