Volume of mortgages taken in March: NIS 13.42 billion - NIS 1 billion more than previous record

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by Ifi Reporter Category:Real Estate Apr 12, 2022

The record for taking out mortgages by the public of apartment and house buyers in Israel was broken, just before the interest rate was raised: The volume of new mortgages taken by the public in March amounted to NIS 13.42 billion, about NIS 1 billion more than the previous record in December last year. This was reported by the Bank of Israel.
This is an increase of 19.7% compared to the previous month and an increase of 55.7% compared to the corresponding period last year. In total, housing loans totaling 34.6 billion were taken out in the first quarter of the year, and 137 billion in the last 12 months.
The data published by the Bank of Israel also show that the rate of CPI-linked loans is 25% of all loans taken in March, and the rate of non-CPI-linked loans is 74.3%, similar to the previous month. The rate of non-index-linked loans continues to be high and maintains the upward trend in the rate of loans in this route since the beginning of 2020 against the background of the rise in the consumer price index.
The average interest rate in the CPI-linked track rose by two percentage points compared to the previous month and stands at 2.2%. The duration of the mortgage repayment period in this track continues to increase and stands at 25.1 years, an increase of 4 months compared to the previous month and an increase of more than two years from March 2021.
The average interest rate in the unlinked track is 2.4% in March, an increase of one percentage point compared to the previous month. The repayment period in this track is 23.2 years, an increase of 7 months compared to the corresponding period last year.
These figures are expected to rise significantly against the background of raising the interest rate in the economy by 0.25% to 0.35%, which was announced by the Bank of Israel yesterday - the first interest rate increase in three and a half years.

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