The real estate industry is set to get a boost as Jamaica National Building Society is set to announce a lowering mortgage rates, IC Insider.com has been reliably informed. The announcement could come as early as next week IC Insider.com has learnt.
Details were not available, but from indications it could result in the current flagship rate of 9.5 percent dropping to 8.5 percent. The move will be a welcomed for the society’s borrowers and will act as a stimulus to the housing market that has seen increased building cost as a result of the falling value of the Jamaican dollar pushing the cost of housing upwards. The decline will come against the background of lowering of repo rates by the country’s central bank and a continuous lowering of Treasury bill rates since early 2014.
The move by Jamaica National is expected to see other long term lenders following the JN lead and should result in an all round fall in borrowing cost for mortgages.
Real estate to get a boost
October 1, 2015 by IC Insider.com
Filed Under: Breaking News, Feature Stories, Real Estate, Stock Market Tagged With: Jamaica National Building Society
About IC Insider.com
[…] mortgage rates on the decline, the local mortgage industry has received a further boost, following Jamaica National Building Society’s (JNBS) recent announcement of a reduction in rates to 8.5 percent for new mortgage applicants […]