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Swedish State mortgage company, SBAB, reacted to Riksbank’s interest rates by lowering mortgage ratesThursday, 16 February 2012
As the Swedish central bank lowered its key interest rates today, the state mortgage lender SBAB, has reacted immediately by lowering its short-term mortgage interest rates today by 0.15.
SBAB is reducing the interest rate for loans with maturity of three months by 0.15 percentage points to 4.15 percent. Also ICA Bank and Ikano banks – also largely mortgage lenders also lowered.
Even the one-year mortgage rates also saw same reduction, while rates for other mortgages remained unchanged.
A year ago, when the repo rate was at this level as today the gap between the Central Bank interest rate and the rate on three-month mortgage was almost one percentage point less.
Labour Union, LO's chief economist, Ola Pettersson think that the banks' cuts should be seen and believe that there is scope for reduction in mortgage rates.
Among the locals who Swedish presses and radio Sweden met after the announcement of the interest rate drop, opinions were divided as to whether there could be expected cuts by the commercial banks.
On the whole analysts feel that it usually take a while for mostly the bigger banks to react.
So far the big banks are still mute on any question on cuts
By Scancomark.se Team
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