Oct 16, 2023 at 10:57 AM Update: 7 minutes ago
Banks and other lenders increased their mortgage rates again last week. Interest rates on mortgages have been rising for several weeks now. This is due to persistent inflation.
The rate for those who want to fix their interest for twenty years – with an NHG guarantee – is now an average of 4.76 percent. That is 0.3 percentage points more than four weeks ago. Fixed rates for ten or thirty years have also increased by approximately 0.3 percentage points.
For years, mortgage interest rates were very low, with rates of around 1.5 percent. Interest rates started to rise rapidly in the first half of last year. From October 2022, mortgage rates fluctuated for quite some time. But in the past few weeks, an upward trend has started again.
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Inflation is the driving force behind rising interest rates
Central banks are expected to keep their interest rates high in the near future or perhaps even raise them further to keep persistent inflation in check. This affects the rates that banks such as ING and Rabobank and other lenders charge, including for mortgages.
The rising mortgage interest rates over the past year and a half mean that home buyers can borrow less and therefore offer less. As a result, house prices started to fall in August last year. Only in the past few months have houses become more expensive again.
Beeld: Getty Images
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