Fall in interest rates on the credit market: now we need to get started?

Those who did not hurry and borrowed in August, according to Good Finance, were doing well. Interest rates on mortgages have fallen, and depressed prices have also remained on personal loans. Panorama of credit.

Comparator of financial products

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Good Finance, a comparator of financial products, also looked at how banks have changed the structure of their most popular loans in August: long-awaited interest rate hikes have not yet come, and even more, the benchmarks that determine credit rates, also became cheaper in August.

Good Finance has examined offers from 12 financial institutions, suggesting that for home loans you can find a safer 10-year interest rate on a full credit rate of up to 5%, and for personal loans below 8% APR.

But what is the reason for this? Major benchmarks such as government bond yields and BIRS, which determine interest rates on long-term loans, declined further in August, according to the specialist portal. For example, compared to August last year, the 10-year BIRS fell from 2.95 percent to 1.10 percent, the 5-year BIRS from 0.58 percent to 0.59 percent, and the 15-year BIRS from 3.46 percent to 1.51 percent, according to central bank data. The yield on 10-year government securities has also changed significantly since the beginning of the year: the index stood at 2.86 percent in January and changed to 1.67 percent in August.

As a result, interest rates on the most popular fixed-rate loans have declined significantly, with a significant proportion of new borrowers, more than 90 percent, already borrowing such loans.

Interest rates on personal loans remain favorable

Interest rates on personal loans remain favorable

The free-to-use and fixed-rate personal loans market of up to $ 10 million has not even made much of a difference in school start-up, although the cost of starting school can be quite offset by many borrowing: banks continue to find lower and higher loans.

If you only needed temporary help, such as $ 500,000, the Good Finance Personal Loan Calculator will provide you with a APR of 11.73% for a proof of income of $ 180,000. Thus, the installment is less than $ 50 per month for 60 months.

Of course, it is more favorable if we can justify a higher income: for example, above $ 250,000 we can get the same amount with 7.72% APR, with less than $ 10,000 installments, but under the same conditions we can also pay $ 1.5 million. $ 25 for 60 months if we need a little more money.

Interest in mortgages

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Bigger falls can be seen in mortgage loans, let’s look at the details:

Good Lender Bank introduced interest rate cuts on Qualified Consumer Loans and Standard Rate Loans from August: for example, with a 10-year interest period, the standard interest rate is 5.24 percent, TOP premium active discount ($ 300,000 monthly credit and collateral insurance), 99 percent. In addition, the bank will refund the notary fee up to a maximum of HUF 50,000.

At Honest Bank, interest rates on 5-year mortgages fell from 4.6 percent to 4.45 percent and those on 10-year interest rates fell from 5.35 percent to 5.04 percent, but interest rates on 5, 10 and 15 year fixed rate loans also decreased , and as a new customer we may receive a $ 10,000 credit until August 30th.

Interest rate cut also at GFIC Bank : 5-year consumer-friendly loans fell from 4.98 percent to 4.48 percent, and 10-year 5.76 percent to 5.18 percent.

Consumer-friendly credit rates for customers have also changed more favorably than MKB Bank . The biggest change was in the 15-year and 15-year fixed-rate loans, where interest rates fell from 6.7 percent to 6.45 percent, while interest rates on fixed-term loans fell from 7 percent to 6.45 percent.

Similarly, Good Finance Bank’s MFL loans changed from 5 percent to 4.76 percent at 5-year interest rates and from 6.19 percent to 5.82 percent at 10-year rates.

At Cooperative Bank, the interest rate on a 5-year interest rate loan fell from 4.96% to 4.46%, a 10-year 5.92% to 5.35% and a fixed 15-year interest rate fell from 6.45% to 5.43%. Among consumer-friendly loans, the 5-year interest rate declined from 5.19% to 4.96%, 10-year 6.04% to 5.92%, and fixed-rate loans from 6.6% to 6.45%.

Thrift’s mortgage loans also changed: it fell from 5.11 percent to 4.58 percent at 5-year interest rates and from 5.98 percent to 5.26 percent at 10-year interest rates.

G&L Bank is very generous in promotions: you can get 1 percent up to $ 100 in credit between August 12 and November 13 by borrowing from the bank. The credit is subject to the request for a wage transfer interest rebate and, of course, to the fulfillment, that is, to your payment being credited to your G&L account. In addition, the discount can also be combined with the bank’s reimbursement of the bank’s initial bank charges and notary fees.

The vast majority are already looking for security

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According to Good Finance, at current interest rates, it is worth replacing floating rate loans with a long-term or fixed-rate loan, and those who have recently planned to take out a home loan are also worth taking.
Of course, with favorable interest rates here, hundreds of thousands of promotions there, it is always worth comparing offers with a home loan calculator to different offers from banks, as with a larger loan amount there may be hundreds of thousands or even millions of differences between the first-seeming loans.

About Good Finance

For almost three years, Good Finance has been helping the public to be fully satisfied with their financial decisions in the long term. We can compare the most important banking products with the calculators of the specialized portal, and the analyzes and entries on the page help to inform the financial world, making an informed and appropriate decision in the given financial situation.

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