Mortgage rate at 4.91% in Cyprus
Mortgage interest rates in Cyprus climbed to 4.91% in October 2023, according to data released by the Central Bank of Cyprus (CBC) in its November 2023 edition of Monetary and Financial Statistics. Concurrently, household fixed-term deposits with a one-year maturity dropped to 1.58% compared to the previous month.
The CBC reported a decrease in the interest rate on deposits from households with an agreed maturity of up to one year, falling to 1.58% from 1.59% in the prior month. In contrast, the corresponding interest rate on deposits from non-financial corporations increased to 2.26%, compared with 1.67% in the previous month.
Conversely, the interest rate on loans for house purchases saw an increase to 4.91%, up from 4.42% in the prior month. Similarly, the interest rate on consumer credit rose to 6.27%, compared with 6.05% in the previous month.
The interest rate on loans to non-financial corporations for amounts up to €1 million rose to 5.77%, an increase from 5.72% in the previous month. Loans to non-financial corporations for amounts exceeding €1 million registered an increase to 6.26%, compared with 5.59% in the prior month.
