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Fixed rate below 4 percent

Sist oppdatert:
Norwegian interest rates have not been lower since the 1950s and people are rushing to the banks to get a fixed interest rate for their loans. Fixed rates below 4 percent are now being advertised for the first time.

Norway’s national bank has kept cutting interest rates this whole spring and summer and the rate has dropped by a total of 4 percentage points since December last year.

Some predict that the levels will be as low as 2 percent and a number of banks are now offering fixed rated on loans below 4 percent for the first t ime in decades.

BNbank’s best offer at the moment is a fixed rate of 3,99 percent, though it is only possible to do this for one year. Most customers are looking for long-term agreements, though.

“Most people want a fixed rate for 3-5 years but the rates are higher on long term agreements. The difference between the short term agreements and the long term agreements is relatively big at the moment and this indicates expectations that the economy will improve”, said Erik Ingier at BNbank. Financial expert Steinar Juel recommends long-term agreements for fixed interest rates, saying:

“I would not get a fixed rate for three years. My impression is that the market is estimating an increase too quickly. If I was to get a fixed rate I would go for a deal as long as 5-10 years”.

“People who are vulnerable to changes in interest rates. If your economy can not take an increase over the next years, you should consider securing yourself by getting a fixed rate”, said Juel.

The national bank has scheduled a meeting on 17 September. The market is expecting the bank to cut the base rate further.

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