Average mortgage climbs to record, as mortgage taking falls
Mortgages credit: Shutterstock
CPI up 0.5% in October as housing prices fall
CPI up 0.5% in October as housing prices fall
Last month saw the fewest the number of mortgages taken since May 2021, with the exception of the 'holidays' month of September 2021.
Less people took mortgages in Israel in July but the average mortgage taken climbed to a new record, the Bank of Israel reports.
9,701 mortgages were taken in July 2022, down 16% from July 2021, and down 20% from June 2022. But while significantly less mortgages were taken last month, probably because of higher interest rates, and especially the 0.5% hike in July, those that did take mortgages took a record average amount of NIS 948,000. Not including the government subsidized Mekhir Lemishtaken program, the average mortgage taken was NIS 1.08 million.
Last month saw the fewest the number of mortgages taken since May 2021, with the exception of the 'holidays' month of September 2021, when figures were very low.
Published by Globes, Israel business news - en.globes.co.il - on August 25, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Mortgages credit: Shutterstock