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 Detroit Star 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 Detroit Star.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
(Photo credit: Wendell Cruz-Imagn Images) Cody Bellinger hit three homers for the first time in his career and drove in six runs,...
(Photo credit: Ken Blaze-Imagn Images) Casey Mize got some big news before his final start prior to the All-Star break. The Detroit...
(Photo credit: Lon Horwedel-Imagn Images) Cal Raleigh blasted his major league-leading 37th and 38th home runs, including a grand...
(Photo credit: Trevor Ruszkowski-Imagn Images) The Golden State Valkyries cap off their four-game road trip at the Las Vegas Aces...
(Photo credit: Brad Penner-Imagn Images) New York Yankees left-hander Carlos Rodon was named to the American League All-Star team...