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Mortgage interest rate in Europe Q4 2019, by country

Average mortgage interest rates across Europe as of the fourth quarter of 2019 were all under six percent, fluctuating from under one percent in Denmark and Finland, to 5.41 percent in Romania. On an individual level, a difference of one percent would most likely mean thousands of euros in interest on the mortgage a person is paying, making timing key in house purchasing.

Lower rates are for the financially savvy

Mortgage interest rates tend to be lower in Nordic countries due to the financial stability and reliability of its borrowers. Other factors that influence the mortgage interest rates include inflation, economic growth, monetary policies, the bond market and the overall conditions of the housing market. More stable markets also tend to have higher average prices. In the United Kingdom (UK), new dwellings cost on average 4.4 thousand euros per square meter.

Larger economies show stability

The size of a country’s economy has a correlation to the stability of the interest paid on a mortgage. Countries such as Germany have seen interest rates remain under three percent for over five years. As of the fourth quarter of 2019, Germany, Spain and Italy all had interest mortgage rates of under two percent.

Mortgage interest rate in selected European countries as of 4th quarter 2019

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Source

Release date

May 2020

Region

Europe

Survey time period

4th quarter 2019

Supplementary notes

* Weighted average.

** This data series has been revised and it depicts the variable interest rate, which is the most common one.
*** Recalculation of the interest rate as a weighted average of interest rates in local currency and euro (previously weighted average only of euro denominated mortgages).
**** Data from Q2 2012 has been revised for France due to a new source. Further data break in Q1 2014.

Source has not provided data for Czechia, United Kingdom and France.

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