New mortgages to the tune of NIS 4.2 billion were taken in September, with 2015 set to be a record year.
The Jewish holiday season did not prevent people from making tracks to the banks to take mortgage loans. According to figures released by the Bank of Israel today, new mortgages totaled NIS 4.2 billion in September. This does represent a sharp fall in comparison with August, when mortgages totaled NIS 6.2 billion, but the Jewish holidays meant that in September the banks were shut much of the time.
NIS 4.2 billion in mortgages over the holiday season is a fairly high figure. In the equivalent period last year, new mortgages totaled less than NIS 4 billion. 2015 is emerging as a peak year for mortgages. New mortgages in the first nine months of the year totaled NIS 49.2 billion.
The trend of fixed-rate mortgages being preferred to variable-rate, first seen at the beginning of this year, continued in September: NIS 2.13 billion versus NIS 2.06 billion. The low rates of interest on mortgage loans have meant that in every month of 2015 Israelis have taken more mortgages at fixed rates than at variable rates, a record in itself.
Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2015
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real estate construction picture: Tamar Mizpi