The Central Bank of Cyprus (CBC) published updated data on Wednesday, detailing interest rate trends at Monetary Financial Institutions (MFIs) for December 2024.
Rising Mortgage Rates in Cyprus
The average interest rate on new housing loans (including new contracts and renegotiations) increased to 4.75% in December 2024, up from 4.50% in November. Meanwhile, the eurozone saw a further decline in housing loan interest rates, with the average dropping to 4.15%.
Among Cypriot banks, the highest mortgage interest rate was recorded at Societe Generale (6.60%), while the lowest was at Housing Finance Corporation (3.32%). Other banks’ rates included:
Household Deposit Rates Experience a Slight Increase
Interest rates on household term deposits of up to one year rose by 0.08% in December, reaching 1.78%, compared to 1.70% in November. However, in the eurozone, the rate fell to 2.45% from 2.61%.
The highest deposit rate was recorded at Arab Jordan Investment Bank (3%), while Alpha Bank had the lowest at 1.35%. Other banks’ rates included:
Source: stockwatch.com.cy