Lower interest rates for mortgage loans are bringing consumers back, with July producing a record volume of record numbers of loans. In total, Czechs took out CZK 22 billion worth of mortgage loans during the month, bringing the year’s total to more than CZK 131 billion. “The average interest rate continues to fall and with the 2.15 percent rate in July, we’re at the level we were in November 2017,” said Jiri Sykora of Fincentrum & Swiss Life Select. In all, 7,867 loans were signed in June, which was 1,252 more than a year ago and a jump of 246 from June. Sykora told the daily newspaper Pravo that if the trend continues, 2020 could turn out to be a record year. The highest-ever annual volume of mortgages occurred in 2016, when CZK 225.8 billion was loaned out.
