Brand Story
11 Mar 2023, 09:13 GMT+10
Lithuanians are bracing for higher mortgage rates as the European Central Bank (ECB) announced an increase in key interest rates in July 2022. This was the first interest rate hike since March 2016, and it's expected to impact homeowners across the country significantly.
Current interest rates stand at 3.00%, but could climb as high as 3.75%, according to data from Kreditai.INFO, meaning that Lithuanian homeowners are now paying a few hundred euros more each month than they were a year ago.
"This is a difficult time for many homeowners," said ECB President Christine Lagarde. "We understand that this will have an impact on their household expenses, and we want to do what we can to help them through this period of uncertainty."
The ECB has outlined several measures to help those affected by higher interest rates, including targeted loan refinancing programs, debt restructuring options, and targeted fiscal measures such as tax breaks.
For now, though, Lithuanian homeowners face uncertain times as they prepare for rising mortgage payments. Many are hoping that the ECB will eventually reverse its decision and lower interest rates again in the near future.
For anyone considering buying property in Lithuania or refinancing their current mortgage, experts recommend researching all of their options before making any decisions about their finances. With so much uncertainty surrounding interest rates and other economic issues in Europe, it's important for prospective homebuyers to know what they're getting into before signing any contracts.
Original Source of the original story >> Lithuanian Homeowners Brace for Rising Mortgage Rates
Get a daily dose of Phoenix Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Phoenix Herald.
More InformationMOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...