Mortgage Banks - Average Rate of Interest

Since 1.2.2008
the interest rates are published once a month, and are the effective rates of interest (on annual basis), calculated as the weighted averages of the interest on new, supplementary and non-supplementary loans, extended by the banks during the month for the purpose of buying an apartment or in mortgaging an apartment.
All the periods are "up to and including" (e.g., "from 12 to 15 years" includes 15 years).
These interest rates should be used for calculating the early-repayment fees as of the date of their publication on the Bank of Israel's website.

On 1.11.2002
the Banking Order (Early Repayment Fees), 5762-2002, went into effect. The interest rates were published twice a month, and were the effective interest rates (on annual basis), calculated as the weighted averages of the interest on new, supplementary and non-supplementary loans, extended by the banks during the two-week period for the purpose of buying an apartment or in mortgaging an apartment.
All the periods were "up to and including" (e.g., "from 12 to 15 years" includes 15 years).
These interest rates should be used for calculating the early-repayment fees as of the date of their publication on the Bank of Israel's website.

Up to 31.10.2002

the average interest rates (percentages) for the outstanding periods to the due date were in accordance with Section 1 of the Banking Order (Early Repayment Fees), 5742-1981. The periods were "up to and including" except two of the periods (i.e., from 5 to 12 years, and from 15 to 17 years) which were exclusive. The average interest rate published in the current month was used for calculating the early- repayment fee on loans repaid in the second month after the current month. For example, the interest rate appearing for January in the table below applied to early repayments made in March. The average interest rate was calculated as the weighted average of the interest on nondirected credit from a mortgage bank's funds extended or renewed during the month. 


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