According to data from the National Bank of Belgium, the average rate is at its highest level in nearly nine years.
The average rate for a mortgage of more than ten years reached 3.11% in February 2023, according to the National Bank of Belgium (BNB). This is the highest level measured since August 2014.
By comparison, in February 2022, the rate for a similar loan was 1.43%. This increase is mainly due to the very high inflation and to the rate hikes implemented by the European Central Bank (ECB) to try to calm the financial markets.
February 2023 is therefore the first month in nearly nine years during which the rate has exceeded the 3% mark.
As a direct consequence, the number of contracted mortgage loans decreased in February, reaching its lowest level since 2007. Since the beginning of 2023, 32,600 loans have been contracted, which is half of the average of the previous five years.