Mortgage interest rates for households in Norway increased in June, marking a rise of 0.17 percentage points to 4.69%. Similarly, the rates on outstanding mortgage loans climbed by 0.23 percentage points to 4.66% during the same period.
The latest monthly statistics from selected banks and credit institutions revealed the upward trend in mortgage interest rates. Both new and existing mortgage loans experienced rate hikes. Among new loans, the floating rate reached 4.69%, up by 0.17 percentage points, while the fixed rate increased to 4.73%, showing a rise of 0.33 percentage points.
Additionally, the interest rates on outstanding mortgage loans rose, with the total outstanding rate reaching 4.66%, marking an increase of 0.23 percentage points. The floating rate for existing mortgage loans saw a similar rise, reaching 4.75% after a 0.24 percentage point increase, the highest level since the series began in 2013. The fixed rate also increased to 2.93%, up by 0.10 percentage points.
The Statistics Norway (SSB) data indicates the influence of current economic conditions and financial market dynamics on the interest rate fluctuations in Norway.
Furthermore, deposit rates experienced an uptick, with the overall deposit rate rising by 0.11 percentage points to 2.25%. For households, the deposit rate increased to 1.99%, up by 0.10 percentage points, while for non-financial corporations, the rate rose to 2.73%, showing a rise of 0.21 percentage points.
The Norwegian Interbank Offered Rate (NIBOR) also witnessed a surge of 0.46 percentage points, reaching 4.51% in June.