Every month, the Monetary Policy Council (MPC) decisions attract the attention of all borrowers, as they relate to the level of interest rates, and thus the interest rates on all credit and savings products offered by banks. The NBP has not changed its decisions since March this year, leaving interest rates at 1.50 percent. A similar situation can be seen in the level of rates in force on the interbank market, which also behaved extremely stably. The 3M Euridor rate changed in this period by only 0.08 points. percent. (increased from 1.65 to 1.73 percent).
Low interest rates have a positive impact on mortgage rates. At present, the average reading of this parameter for a 30-year commitment incurred for the amount of 300,000 PLN from 20% own contribution is 3.72 percent, while just two years ago (November 2013) it assumed a value of 1 point. percent. higher (4.71%).
Mortgage and problems with its repayment
– The decrease in interest had a positive effect on the level of installments paid by borrowers. For the aforementioned loan, contracted in January 2009, the monthly burden associated with repayment of the installment is today PLN 1,490, while in November 2013 it was equal to PLN 1,634 – calculates Jasper, financial comparison analyst at Demoperia. – Unfortunately, low interest rates have a negative impact on interest generated on savings products. This is due to the fact that the average interest rate on these instruments is currently at their historical minimums. For example, the interest rate on an annual deposit of 10,000 PLN 1.58 percent today, and just over a year ago it exceeded 2.10 percent – he adds.
What are the components of a mortgage?
– There are many indications that the above situation will continue in the near future. This is evidenced by the latest publication (for now the preliminary) of the Central Statistical Office on the October inflation reading, which according to this institution amounted to -0.8 percent. It is worth noting that this variable has already taken a negative value for 16 months in a row, which clearly shows that deflation settled in our country for good – says Jasper, Demoperia financial comparison analyst.