TNBiz (TNBiz)
Mortgages  |  March 20, 2013 15:01:13

Endless War the cheapest mortgage bank knows the Fallen

2007 - 2008

In February 2007, just prior to the outbreak of the global economic crisis, the average interest rate on a mortgage on the Czech market 4.27 percent. Banks was then signed to 4,813 clients whose loans amounted to 7.85 billion crowns. About 12 months later, back in the destiny of the global economy, banks blithely raise their interest rates by 1.28 percentage point to 5.55 percent. Not only because they reduce the number of applicants for the mortgage on the 4686th However, these customers are blithely into debt that much faster, if you made a financial institution debts of 500 million higher than a year earlier about two hundred larger group of clients.

2008 - 2009

But then came the shock in the form mentioned crisis global economy, which caused the mortgage bubble burst in the U.S. market. The fundamental problem almost instantly realized the general public, a bit slower and bankers themselves. They still offer the most for the interest rate by 0.2 percentage points higher than before the crisis (5.75 percent), while the interest on mortgage contracts signed fell. Number of new mortgages in the Czech market in February 2009, a half year after the collapse of world stock exchanges in September 2008 decreased compared to the same period last year by 32 percent to 3,204 contracts. This had the obvious result also steep decline financial value, to which clients subscribe to banks (-34 percent, respectively, 5.57 billion dollars).


Banks understand that by standing raising interest rates in times of crisis, you can not. Therefore turned its strategy and began discounting. Next February, this time, 2010, the statistics Fincentrum Hypoindex showed a decline in interest rates by 0.38 percent to 5.37 percent, which is below the pre-crisis level in February offers in 2007 and 2008. The number of subscribed clients in financial houses, although not increased (2852), yet they managed to slow the rate of decline in the interest of a significant two-thirds.


Annual recovery so came in 2011, when the bank cut interest rates considerably bolder than a year earlier. Compared to the previous year compromised by 1.11 percentage points to 4.26 percent.The public had by then already a lot of information about the ongoing crisis will make the shock longer, but not as drastic as the recession familiar from previous years. The combination of these factors meant that the number of clients with an interest in the mortgage has increased by 1356 (+47,5 percent) of the 4208th Banks are then subscribed for 7.09 billion kroner (+2.5 billion).


Downward trend in interest rates, which largely contributed to increasing interests in mortgage loans in the Czech Republic, to please both banks and their clients. In February 2012 rate fell by a further 0.65 percentage point to 3.61 percent, and suddenly grew the number of clients. Specifically, in 5420 signed contracts (+1212), a total of 8.88 billion crowns.


It started months record low interest rates, which is interested in more clients than before the crisis. In February this year rate fell to 3.21 percent (-0.4 percentage points), the number of new mortgages has stabilized over five thousand contracts (5102), and also the volume of the contracts remains above the level of 8.5 billion kroner (8.63) . Last month also show that with these numbers, and together with the anticipated economic recovery in the summer, mortgage rates have found a bottom.

"Compared to January in the mortgage market as if time has stopped. Currently, the rates stabilized around 3.2 percent, it is possible that a further decline in interest rates could prevent the fact that banks will try to offset the fee credit account, which are recently forced under the pressure of circumstances interfere, "he said in conclusion possible end lower interest rates on mortgages Josef Rajdl analystFincentrum Hypoindex.

February Number of mortgage loans The volume of loans (in billions of dollars) The average interest rate
Development of the Czech mortgage market at a time
2,013 5,102 8.63 3.21%
2,012 5,420 8.88 3.61%
2,011 4,208 7.09 4.26%
2,010 2,852 4.60 5.37%
2,009 3,204 5.57 5.75%
2,008 4,686 8.39 5.55%
20! 07 4,813 7.88 4.27%

Source: Fincentrum Hypoindex

Fincentrum Hypoindex the weighted average interest rate, which are provided in a given calendar month mortgage loans to individuals. The weights are the volumes of loans. Input data for calculations provide the following banks: Czech Savings Bank, CSOB, Equa bank, GE Money Bank, Mortgage Bank, Commercial Bank, LBBW Bank, Raiffeisenbank, UniCredit Bank, Volksbank CZ and Wüstenrot mortgage bank.

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