The base for the interest rate of the vast majority of housing loans taken by Poles in the European currency, which is the 3-month Euribor, is getting lower day by day. Today, even before the decision of the European Central Bank, this rate has established its new,
historical minimum, this time at 0.216%. And although the ECB, in line with broad market expectations, did not lower interest rates in Euroland, Euribor may continue to go down to the delight of borrowers. However, the scope for a deeper discount of this rate seems to be more and more limited.
At present, the interest rate on housing loans
Taken by Poles in euros consists practically only of the banking margin. The Euribor rate only adds 0.216 percentage points to it, which is nothing. Of course, this is a purely technical approach, as banks do not adjust interest rates overnight, only once in a while.
The gradual decrease in the Euribor rate is, however, a fact and is particularly important for all those who started their loans in euros at a lower EUR / PLN exchange rate, and sometimes much lower than the current one. It compensates them for the current higher cost of buying euros to pay monthly installments than at the time they took the loan.
Despite the visible slowdown of the world economy, including the Polish economy, 2012 is very kind to those in debt in euro. For the time being, the price of the single currency against the zloty has fallen by about PLN 0.40 during the course, and the level of the three-month Euribor rate fell by more than 1.1 percentage points. Oh, if the banks had not decided to increase the level of margins for newly drawn housing loans in euros in recent months, the situation would be even more comfortable.
Euro housing loans in Poland:
The latest KNF data shows that at the end of July this year. the value of housing loans granted in the single currency was PLN 31.8 billion, and its share in the value of all housing loans granted was 10%. In addition, the value of housing loans granted in EUR represented 17.3% of the value of all housing loans granted in foreign currencies.
In turn, according to the AMRON-SARFiN report for the second quarter of this year. the share of the value of newly granted housing loans in euros in the value of all newly granted housing loans was at this time equal to 5.19% and was by almost 9.5 percentage points. lower than in Q1