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February 14, 2012
Sharp interest rate rises in late 2010: report
Published: 22 Jan 10 08:53 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24526/20100122/
Homeowners will have less spending power by the end of the year according to a new report from state-owned mortgage lender SBAB, which predicts the Riksbank will begin a sharp interest rate increase in the autumn.
- SBAB attacked over commission hand-outs to estate agencies (16 Jan 10)
- Swedish economy over the worst: report (18 Dec 09)
- Riksbank leaves interest rates unchanged (16 Dec 09)
Tomas Pousette, SBAB's chief economist, adds that the repo increase will continue sharply into 2011 with mortgage interest rates set to follow.
"The bottom for longer-term fixed mortgages has been reached and they will start to rise during the first six months of 2010," he said.
"By the end of 2011 we expect that three-monthly interest rates will have risen to around 3.5 percent," he says.
By December 2010, SBAB estimates that interest on a quarterly-fixed mortgage will be around 2 percent, rising to 3.35 percent in 12 months time.
For mortgages fixed over a 24-month period the estimated 3.65 percent interest will rise to 4.95 percent and five-yearly fixed mortgages will go from 4.90 percent to 5.50 percent.
According to Pousette, the anticipated repo rate rises can be attributed to the Riksbank's optimistic outlook for an economic upswing in the next year.
TT/Christine Demsteader
news@thelocal.se
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In spite of that, it is still madness to say that interest rates will rise violently. If your interest rate is just 0,25%, it can only go one way and that is up. Even the President of the Swedish Bank knows that, but he chooses to be foolish. He doesn't seem to realise that every word that he says is represented as one from the National Bank. So what he says is represented as Bank of Sweden policy. That is why we have in Sweden big differences about the interest rates. It's not just about (house)mortgages, which are only a small part of the picture, but about the rate of exchange, i.e.valuta.
Just now the Krona is stronger against the Euro, but for how long? How decisive is the Swedish National Bank against, for example, the Greek National Bank, which is one of the weakest in Europe?
The situation is not so easy. We require a strong answer from the Swedish government.