Cypriot rate for mortgages at 3.5-yr high
A total of 362.9 million euros in new loans were issued in Cyprus in May, according to data released by the Central Bank of Cyprus on Tuesday.
The increase in new loans is mainly thanks to the rise in both loans of over €1 million and loans for the purchase of homes.
At the same time, the interest rate on mortgages increased to 2.28%, the highest it has been in nearly three-and-a-half years.
In particular, according to the official data, the interest rate on the deposits of households with an agreed maturity of up to one year remained unchanged at 0.05% compared with the previous month.
The corresponding interest rate on the deposits of non-financial corporations registered an increase to 0.01%, compared with -0.04% in the previous month.
Regarding lending rates, the interest rate on consumer credit fell to 2.91%, compared with 3.00% in the previous month.
At the same time, the interest rate on loans for home purchases increased to 2.28%, compared with 2.20% in the previous month.
The interest rate on loans to non-financial corporations for amounts of up to €1 million increased to 3.31%, compared with 3.16% in the previous month.
