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Installment cuts „we may see as early as April” [TABLE]
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Interest rates remained stable in April. Jarosław Sadowski from Rankomat notes that the relatively positive inflation figures from March suggest that a reduction may be forthcoming, which influences WIBOR rates. The expert has calculated how much the monthly payment might be over the next few months.
On Wednesday, the Monetary Policy Council decided to keep interest rates the same. The most recent reduction occurred in October 2023.
Interest rates and loan payments. What could be the decrease?
For borrowers, WIBOR rates (three-month 3M or six-month 6M) are significant, as they, along with the bank’s margin, form the foundation for calculating the payment amount.
Thus, the expert explains, „the first, albeit minor, reductions in mortgage loan payments may be observed as early as April.”
– This is because the WIBOR 6M rate has decreased to 5.76 percent. We can already see the initial, though small, drop in mortgage loan payments in April, marking the lowest level since November 2023 – the expert clarifies.
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FRA contract quotes also suggest that in three months’ time, WIBOR 3M could reach 5.53 percent (currently 5.85 percent), in six months – 4.97 percent, and in nine months – 4.6 percent.
Jarosław Sadowski emphasizes that individuals who secured loans during the pandemic, when interest rates were at historic lows, are likely hoping for swift reductions. – If the above predictions come true, the payment for such a loan, for an amount of PLN 400,000 over 30 years, could decrease by PLN 310 by the year’s end (from PLN 2,921 to PLN 2,611). Naturally, this would occur gradually. For instance, a reduction in July (by 0.25 percentage points) might lower the payment by PLN 63 – the analyst estimates.
Interest rates and credit capacity
Sadowski points out that the decline in interest rates will also positively affect those who are planning to take out a mortgage loan.
– Reductions in interest rates will not only lessen their payments but also enhance their credit capacity. A person who can currently secure a loan of PLN 400,000 will be able to obtain about PLN 453,286 after a reduction of 1.25 percentage points, which is an increase of 13 percent – the expert highlights.
