Czechia’s average mortgage rate at three year high

Czechia‘s average mortgage rate in July rose to 2.23 percent, according to data gathered by Fincentrum Hypoindex. This is the highest rate since June 2018.

In the first seven months of 2021, banks in Czechia approved mortgages worth a total of CZK 259 billion, already exceeding last year’s numbers. According to Jiří Sýkora, an analyst at Fincentrum & Swiss Life Select, it is likely that the total worth of approved mortgages will exceed CZK 300 billion for the first time ever this year. However, the number and volume of newly approved mortgages actually decreased in July, when compared with the previous month.