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The big news from the last week was that the Bank of Israel decided not to increase interest rates, in addition, the rate of inflation has also slowed.
The next interest rate decision from the Bank of Israel is in early September, we will of course keep you updated before then.
Below is our weekly update, if you want to jump to a section, click here:
Mortgage market brief:
Mortgage Rates Lower: 30 year fixed; 4.80-5.15%, 10 year fixed; 4.70 – 5.10%
Interest Rates Mixed:5 year NIS ⬇: 3.82%,
3 month US$ ⬆: 5.31%
FOREX/NIS:USD; 3.61, EUR; 4.05, GBP; 4.72
Prime Mortgage Rate: 6.25%
Israel Real Estate News
Apartments sold and rented (Globes)
Bank of Israel holds rates for now, warns about judicial risk to economy (Times of Israel)
5 top mortgage tips
– It is important to have a mortgage approval in hand before signing a contract to purchase property in Israel.
– There are a multitude of mortgage products available in Israel. All have pros and cons and a single mortgage can be split into several different products.
– Mortgage are available that extend until age 85 or even 90.
– When buying “on paper”, consider funding the mortgage early, paying the builder and avoiding the Building Index.
– Israel banks generally require life insurance, but it is possible to get a waiver.
First Israel has a new mortgage calculator. An improved version…