Still low interest rates

Published:

The interest rates on outstanding mortgage loans to households fell by 0.02 percentage points from December 2017 to March 2018 to 2.47 per cent.

Written by: Gudrun Haraldsdottir / Sigbjørn Wettre

The interest rate margin fell by 0.39 percentage points, according to Interest rates in banks and mortgage companies.

Figure 1. Interest rates on new and outstanding loans secured on dwellings to households. Monthly sample of banks and mortage companies

New loans, floating interest rate New loans, fixed interest rate Loans outstanding, floating interest rate Loans outstanding, fixed interest rate
Aug. 2015 2.83 2.7 2.93 3.36
Sep. 2015 2.78 2.71 2.91 3.4
Oct. 2015 2.60 2.61 2.88 3.33
Nov. 2015 2.57 2.51 2.77 3.29
Dec. 2015 2.54 2.51 2.65 3.28
Jan. 2016 2.55 2.48 2.64 3.26
Feb. 2016 2.50 2.39 2.63 3.24
Mar. 2016 2.48 2.23 2.61 3.22
Apr. 2016 2.40 2.22 2.59 3.20
May 2016 2.37 2.27 2.51 3.18
Jue 2016 2.38 2.26 2.47 3.16
July 2016 2.38 2.26 2.46 3.12
Aug. 2016 2.35 2.32 2.46 3.10
Sep. 2016 2.36 2.32 2.45 3.07
Oct. 2016 2.38 2.46 2.44 3.03
Nov. 2016 2.43 2.56 2.45 2.99
Dec. 2016 2.44 2.70 2.45 2.96
Jan. 2017 2.47 2.77 2.53 2.95
Feb 2017 2.49 2.76 2.53 2.94
Mar. 2017 2.52 2.70 2.53 2.93
Apr.2017 2.52 2.64 2.53 2.92
May 2017 2.51 2.48 2.52 2.9
June 2017 2.51 2.50 2.52 2.88
July 2017 2.51 2.47 2.51 2.86
Aug. 2017 2.50 2.47 2.51 2.86
Sep. 2018 2.49 2.45 2.50 2.84
Oct. 2017 2.45 2.42 2.48 2.84
Nov. 2017 2.45 2.44 2.47 2.84
Dec.2017 2.42 2.43 2.47 2.87
Jan. 2018 2.42 2.44 2.46 2.88
Feb.2018 2.37 2.64 2.46 2.88
Mar.18 2.42 2.79 2.44 2.86

Figure 2. Interest margins on new and outstanding loans with a mortgage to households. Sample of banks and mortgage companies

Loans margin, new total loans secured on dwellings Loans margin, total outstanding loans secured on dwellings NIBOR
Aug. 2015 1.67 1.83 1.15
Sep. 2015 1.64 1.82 1.14
Oct. 2015 1.49 1.81 1.11
Nov. 2015 1.37 1.62 1.20
Dec. 2015 1.38 1.56 1.15
Jan. 2016 1.36 1.51 1.19
Feb. 2016 1.43 1.61 1.07
Mar. 2016 1.45 1.65 1.02
Apr. 2016 1.38 1.63 1.01
May 2016 1.38 1.58 0.99
Jue 2016 1.34 1.50 1.03
July 2016 1.31 1.45 1.07
Aug. 2016 1.26 1.42 1.09
Sep. 2016 1.19 1.33 1.17
Oct. 2016 1.27 1.37 1.12
Nov. 2016 1.28 1.34 1.16
Dec. 2016 1.27 1.30 1.19
Jan. 2017 1.45 1.52 1.04
Feb 2017 1.44 1.5 1.06
Mar. 2017 1.54 1.57 0.99
Apr. 2017 1.54 1.57 0.99
May 2017 1.59 1.63 0.92
June 2017 1.67 1.71 0.84
July 2017 1.68 1.71 0.83
Aug. 2017 1.70 1.73 0.80
Sep. 2018 1.67 1.71 0.82
Oct. 2017 1.64 1.7 0.81
Nov. 2017 1.67 1.72 0.78
Dec.2017 1.60 1.67 0.82
Jan. 2018 1.56 1.62 0.86
Feb.2018 1.36 1.45 1.03
Mar.2018 1.26 1.28 1.19

Adaption to IFRS

The interest rate statistics has been adapted to International Accounting Standards (IFRS). The sample of banks and mortgage companies is also updated. The implication is some changes in the interest rate statistics. There is some uncertainty associated with the quality of data. The data is edited continuously and will be updated with the next release. Please note that some data series is not published.

Interest rates on building loans are not published any more, but some building loans are included in credit lines secured on dwellings.

So far only interest rates on total deposits are published. Interest rates on deposits on demand and with conditions are not published any more, but will be replaced by other series later.

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