Hungary government expands scheme that caps mortgage rates

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Hungary government expands scheme that caps mortgage rates - govt decree

Economy Oct 15, 2022 01:15AM ET

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Hungary government expands scheme that caps mortgage rates - govt decree

BUDAPEST (Reuters) - Hungary's government has expanded its existing scheme that caps mortgage rates effective Nov. 1 to include mortgages carrying fixed interest rates up to 5 years, it said in a decree published late on Friday.

Hungary's freeze on retail mortgage rates imposed this year on variable-rate loans has been part of the government's efforts to shield borrowers from rising interest rates. The new measure comes after the central bank's emergency rate hike on Friday aimed to shore up the sliding forint currency.

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Comments (1)

ILoveQE Oct 15, 2022 4:34AM ET

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Price controls are a bad idea.

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