Welcome to the First Israel weekly update for the week beginning Sunday April 23, 2023.
We are set for an emotional week here in Israel with Yom Hazikaron on Monday night and Tuesday, followed by Yom Haaztzmaut on Tuesday evening, Wednesday, marking 75 years of the state of Israel.
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Mortgage market brief:
Mortgage Rates unchanged: 30 year fixed; 4.70-5.20%, 10 year fixed; 4.50-4.90%
Interest Rates up: 5 year NIS 3.91%, 3 month US$ 5.07%
FOREX/NIS: USD; 3.66, EUR; 4.06, GBP; 4.56
Prime Mortgage Rate: 6.00%
5 top mortgage tips
-Israeli residents are able to obtain up to 75% financing while non-Israelis are generally limited to 50%. There are exceptions for both.
-Mortgages can be processed entirely without ever being in Israel.
-The minimum income requirement to qualify for a mortgage is 2.5 times estimated monthly mortgage payments.
-Banks will accept a first relative to co-sign on a mortgage and calculate the co-signers’s income towards eligibility.
-As long as the income is properly documented, foreign income is fully acceptable.
Israel Real Estate News
Housing prices finally dip, but market pressures mean a surge will likely follow (Times of Israel)
Fall in new home sales Slows (Globes)
Housing snapshot: Home sales and rentals across Israel (Times of Israel)
Rentals scarcer as investors exit real estate market (Globes)
March Mortgage Taking Reflects Housing Crisis (Globes)
Related: Before You Apply (Part 1 of the Israel Mortgage Primer series).