According to experts, the period when interest rates are climbing is now really beginning. The change started already in July. Anyone who does not want an expensive home loan is worth signing up for now.
A change in the interest rate environment is predicted
The WisemenBank Offered Rate (BUBOR), which determines the interest rate and repayment of mortgages, has started to rise , which will result in higher interest rates on loans as well as interest-bearing APRs. Average interest rates have risen from 4.0 to 4.4% since the beginning of the year.
Already in early summer, some banks raised interest rates on bids, but loans are still available on relatively good terms. Those who want good credit should not wait any longer, because the process will not stop or even reverse. Even more accessible in your own home
Anyone who has already taken out a floating rate loan will see the effect of the BUBOR movement in the near future as the variable installments adjust to it.
The low-cost version can cost a lot
It is safe to say that it is worth voting for fixed rate loans because floating rate solutions will become increasingly risky. By the way, buyers are increasingly looking for more stable loans – even if the initial installment is higher – nowadays 70% of the loans taken are fixed or almost fixed (varying every 5 and 10 years).
But don’t worry if we didn’t choose the latter: redemption can solve our financial problems. At any time, we can switch to a better loan , and now that interest rate risk is rising, it’s a very good move to save up to hundreds of thousands of forints.
In addition, from September, stricter conditions may be imposed on non-fixed-term constructions, thus encouraging the MNB to prioritize financial security over cheaper options.