Central bank: Average housing loan interest rate up to 2.4 percent in July

Apartment buildings in Tallinn's Mustamäe District.
Apartment buildings in Tallinn's Mustamäe District. Source: Ken Mürk/ERR

This July, the average interest rate on housing loans increased .2 percentage points on year to 2.4 percent. Nonetheless, the overall volume of housing loans issued increased from €144 million to €204 million on year, the Bank of Estonia said in a statistical release published Thursday.

Estonia's central bank also reported a 9.7 percent growth on year in the stock of loans and leases to households, which stood at €12 billion last month. Housing loans account for the lion's share of such loans at €10 billion.

A total of €204.8 million in housing loans were issued in Estonia last month, down €11.1 million compared with June but up €58.8 million on year.

Another €47.4 million was granted in credit card loans, down both €6.4 million on month and €400,000 on year.

Households leased €29.1 million of vehicles, up €100,000 compared with July but down €3.7 million on year.

Mortgage terms lengthen

In the second quarter of 2022, a total of 4,988 new housing loans with a mortgage were issued, with loans averaging €114,814 in size, marking an increase on year from 4,574 and €96,898, respectively.

The average mortgage term of housing loans issued in the second quarter increased by eight months on year to 26.1 years.


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Editor: Aili Vahtla

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