The credit market is turned upside down. The rate hikes did their job

Housing loans with periodic fixed interest rates accounted for 63.51 percent. newly granted loans in the second quarter of this year, which means an increase by 9.25 percentage points. quarter to quarter – according to the AMRON-SARFiN report.

The new credit market

“In the period from April to June 2023, banks granted 24,072 loans at a fixed interest rate (in total, i.e. both newly concluded and annexed loan agreements). The number of newly signed loan agreements with periodic fixed interest rates in this period amounted to 19,560, which represented 63.51%. total number of newly granted mortgage loans. Compared to the percentage recorded in the previous quarter, this meant an increase of 9.25 percentage points. – we read in the report.

Banks granted a total of 30,798 new housing loans in Q2 2023, which means an increase of 40.19%. on a quarterly basis and a decrease of 19.79 percent. on an annual basis.

The mortgage market has revived

“The total value of loans with periodic fixed interest rates granted in the second quarter of 2023 amounted to PLN 7.094 billion. The value of new loans with periodic fixed interest rates amounted to PLN 7.034 billion, which represented 62.24 percent. total amount of newly granted mortgage loans. This percentage was higher than the one recorded in the previous quarter by 9.91 percentage points. – we read further.

The total value of newly granted housing loans amounted to PLN 11.3 billion, which means an increase of 51.22%. quarter-on-quarter and a decrease of 16.52 percent. Every year.

Interest rates

In July, the Monetary Policy Council officially ended the cycle of interest rate increases. According to many analysts, it is time for slight reductions.

During the last press conference, NBP President Adam Glapiński said that a reduction in interest rates is possible already in September if inflation drops to single digits and forecasts indicate further declines.