Mortgage volume in October: 9.3 billion shekels
The Bank of Israel published its mortgage report for October, showing a volume of 9.3 billion shekels. Since the beginning of the year, mortgages totaling 97.5 billion shekels have been taken, a 14% increase compared to last year, similar to the record year 2021, but the transaction rate is 40% lower.
The Bank of Israel published its mortgage report for October, indicating a mortgage volume of 9.3 billion shekels. Since the beginning of the year, mortgages totaling 97.5 billion shekels have been taken, an increase of about 14% compared to the same period last year. This volume is similar to the record year for residential real estate in 2021, but the transaction rate is about 40% lower than that peak. The Association of Mortgage Advisors reported that the weight of the prime rate track rose from 26% to 28%, the weighted nominal interest rate rose from 4.35% to 4.42%, and the weight of bridge loans rose slightly from 12.8% to 13.0%. The association notes that the mortgage market continues to show strength disconnected from the low number of transactions in the physical housing market.