Mortgage rates in Belgium at highest point in 10 years

The average interest rate on mortgages over 10 years reached 3.11% in February, putting them at their highest point since August 2014, according to new data released by the National Bank of Belgium.

By contrast, mortgage rates stood at just 1.43 percent in February last year. The steep increase is partly caused by the European Central Bank’s decision to raise interest rates in response to rising inflation across the continent.

After reaching a previous high of 3.12% in August 2014, interest rates fell to never-before-seen lows, finally reaching a nadir in spring of 2021 at just 1.33%.

The number of new mortgages in February also fell to its lowest level since 2007, with just 32,600 home loans opened in the first two months of the year – about half the average for the same period over the past five years.