Average mortgage rates drop to all-time low

The average mortgage interest rate dropped to a historic low of 2.93 percent in January, according to an index compiled by the Fincentrum advisory firm. It is the lowest average rate since 2003 when monitoring began. In March, nearly 8,300 clients took out new mortgages, which was around 2,500 more than in the previous month. The overall volume of new mortgages grew last month to 13.8 billion crowns, some 4.3 billion more than in February. The decrease in rates has been fueled by competition among banks, and could continue for months to come, an analyst for the Fincentrum firm said.