Thursday set Norges Bank lowered its key rate. Friday afternoon, none of the major banks followed suit with putting down their interest rates.
Aftenposten call round to the largest banks show that everyone is waiting for everyone, and nobody wants to be first. Tightening Competition Authority has also resulted in no one dares to say anything about how they think.
Considering the competition
– We can not say anything about future rates on mortgages. We monitor the market and continually assesses the competitive situation. But we must be competitive on price, says vice Even Westerveld DNB.
The same says Nordea Skandiabanken SR Bank, Savings Bank 1, Danske Bank, Union Bank and Storebrand Bank.
– There are more things than the discount rate from Norges Bank that determines borrowing. We borrow money in the money market and paying money market rate plus a risk premium. It is something other than the policy rate and the liquid, he said.
Fall money market
Last week, however, the short-term and long-term money market rates fell, and it may indicate that several are now considering to reduce interest rates.
Bank lending rates consist simply explained by the money market rate (banks purchase on money) plus a premium, called interest margin.
– It will not be unreasonable to assume that this included in the discussions now taking place in banks. But it is not the only factor, says communications manager Stian Arnesen at Danske Bank.
It also believes SR Bank.
– It looks as if the money market is surprised and have fallen. Now we are awaiting and looking at what level money market stabilizes at. But there is no doubt that the money market has reacted to Norges Bank’s interest rate cut with a fall, says communications director Thor-Christian Haugland SR Bank.
Patron increasingly
Norwegians total mortgages grows stably . The past year has loan amount grew 6.6 percent, type NTB.
Together Norwegians had mortgages totaling 2.157 billion at the end of October this year. This represents 84.1 percent of total household debt to financial institutions.
The growth in the twelve months to October was the same as in the twelve months to September. However the growth was 0.4 percentage points lower than the same period a year ago.
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