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Nordea tracks falling mortgage interest rates

Friday, 30 March 2012
Mortgage rates in Sweden will fall during the next six months, according to the Nordea tracking.
In its real estate prognosis, Nordea’s chief economist, Annika Winsth, the three-month interest rate will go down from the current level of just over 4 percent to 3.50 percent in October. Next year the rate will start to rise again in a gentle pace and to reach 4.20 percent at the end of 2013.

The two-years mortgage rate will also decreased, but much less. Five-year interest rate, however, will rise somewhat from current levels, track Nordea's economists.

Nordea expects the Swedish central bank or the Riksbank to cut interest rates three times this year: in April, July and September. This means that interest rates would be lowered from the current 1.50 percent to 0.75 percent.

The Swedish economy has slowed while inflation is low. Unemployment has also begun to rise and Nordea expects weaker labour market in 2012. Nordea tracks that the three-month fall in interest rates will last for a longer period, in the next six months.
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