24% of existing mortgages on the market are frozen and unpaid due to the Corona crisis

Due to the Corona crisis, the Bank of Israel published the data on the volume of mortgages whose payments were frozen. The figures show that the volume of frozen mortgages currently stands at NIS 92.4 billion, 'which means that 24% of existing mortgages on the market are frozen and unpaid. This is an exceptional figure compared to the pre-crisis period, so the volume of frozen mortgages stood at NIS 10 billion, ie only 3% of the mortgages. According to the Bank of Israel, mortgages totaling NIS 3.1 billion are over 90 days in arrears, 0.81% of all mortgages in Israel and the highest level of arrears in the last five years.
The volume of new mortgages in April was only NIS 4.9 billion, compared with NIS 8.7 billion in March. In April, the increase in mortgages was recorded. For example, if in March the average interest rate on the shekel-rate shekel at a fixed interest rate was 3.1%, in April it already rose to 3.4%.