picture of Viktor Orbán

Interest rates on mortgage loans will be fixed at their levels from the end of October, announced Prime Minister Viktor Orbán. The measure will enter into force in early January and last for half a year.

Once again, we have made some important decisions. The most important issue today was the issue of rising prices, inflation. All of Europe is suffering because energy prices are going up.

-Orbán said in a video uploaded to his Facebook page.

The Prime Minister emphasized that Hungary was defending itself and protecting families. As he said, they are raising the minimum wage, pensions, maintaining utility price cuts, and had capped the price on fuel.

But inflation is also affecting other areas, such as interest rates on loans already taken out, so we need to open up a new line of defense. I will say it clearly: we are introducing a residential “interest rate stop.” Interest rates on mortgage loans will be fixed to the end of October. The measure will enter into force in early January and will continue until the end of the first half of the year. This means that the February’s mortgage payment will be lower than before. Because Hungary must go forward and not backward.

-announced the Prime Minister.

[Index][Photo: Viktor Orbán / Facebook]

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By Steven N.

Steven is the editor-in-chief of Hungarian Politics. He has been following the political scene in Hungary and the Central European region more or less since 1994.