Fewer mortgages granted in July

Banks and building societies granted mortgage loans worth 11.4 billion crowns in July, down by 18 percent from June. This amounts to a 4 percent year-on-year decline, according to statistics from the Czech Banking Association Hypomonitor. The interest rate on new mortgages without refinancing fell to 5.8 per cent from 5.86 percent in June, which is the lowest level since last August. The association collects data from all banks and building societies providing mortgages on the Czech market.