Lithuanian Homeowners Brace for Rising Mortgage Rates
Brand Story
11 Mar 2023, 13:43 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
Subscribe and Follow
Get a daily dose of Miami Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
News RELEASES
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Miami Mirror.
More Information
74
℉
France says fishermen must end deaths of dolphins-porpoises in nets
PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
Philippines finds leaking fuel tanker 3 weeks after sinking
MANILA, Philippines: An underwater robot from Japan has located a leaking fuel tanker, MT Princess Empress, which sank off the ...
U.S. stocks tumble as UK inflation rate spikes to 10.40 percent
NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation ...
Amazon to cut 9,000 jobs, bringing total layoffs to 27,000
SEATTLE, Washington: In a memo to staff sent this week, Amazon CEO Andy Jassy said the company plans to cut ...
Defective break hose, wiper arm causes Ford recall of 1.5 million cars
DETROIT, Michigan: Due to leaking brake hoses and windshield wiper arms that can break off, Ford is recalling more than ...
Techs jump in widespread U.S. stock markets advance
NEW YORK, New York - Wall Street continued its advance on Tuesday as investors continued to weigh up the health ...
Ukraine to receive more artillery shells from EU after agreement ok'd
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
Media reports nine Chinese killed at Africa mine
BANGUI, Central African Republic: Authorities from the Central African Republic have said that nine Chinese nationals were killed and two ...
Australian river town reports millions of dead fish
MENINDEE, Australia: After recent floods and hot weather, millions of dead fish have washed up in southeastern Australia, which authorities ...
Idaho to OK death by firing squad when drugs not available
BOISE, Idaho: Under a bill passed by the Idaho Legislature thios with a veto-proof majority, the state will allow firing ...
California joins with drugmaker to manufacture affordable insulin
SACRAMENTO, California: The state of California and generic drug manufacturer Civica have announced a 10-year partnership to produce affordable, state-branded ...
Newly signed Wyoming law outlaws use of abortion pill
CHEYENNE, Wyoming: A Wyoming bill outlawing the use or prescription of medication abortion pills, which was passed by the state's ...
