New floating-rate mortgages in Greece cost 3.72% in September, up 33 basis points

September in figures

• New floating-rate housing loans: 3.72% (+0.33 points).
• Outstanding housing loans over 5 years: 3.78% (+0.04 points).
• All new loans to households and companies: 4.76%, from 4.79%.
• New household deposits up to 1 year: 1.28% (+0.11 points).

The rate on new consumer loans with a defined maturity rose by 49 basis points to 10.38%, according to the Bank of Greece. The rate on loans of up to €250,000 rose to 5.02%.

Why it matters for buyers

The ECB hike is now reaching new mortgages in Greece. A rise of a third of a percentage point adds roughly €18 a month per €100,000 on a 25-year loan, by our estimate, and floating-rate borrowers will see changes when their rate resets. Buyers should compare fixed and floating offers and test the payment at a higher rate.

The ECB kept its rates unchanged on 29 October; see our report on the decision.