Contractors see 6% mortgages in '06

Mortgage interest rates have jumped 0.25 percentage points each month recently, due primarily to raises in the shekel interest rate.

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February 21, 2006 07:55
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Interest on mortgages will rise to 6 percent before the end of 2006, the Contractors Association predicted Monday, prior to the central bank announcement on interest rates. The association's economists said the average mortgage interest rate is currently at 4.79%, having reached 4.36% in 2005. Mortgage interest rates have jumped 0.25 percentage points each month recently, due primarily to raises in the shekel interest rate, the contractors said. The increasing burden of making monthly payments on mortgages, together with rising apartment prices in areas of high demand, will prevent many young couples from buying apartments, said association president Aharon Cohen.

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