{"id":59226,"date":"2023-09-21T11:06:55","date_gmt":"2023-09-21T11:06:55","guid":{"rendered":"https:\/\/teknomers.com\/en\/norges-bank-announces-that-it-may-be-raised-even-more-news-vestland\/"},"modified":"2023-09-21T11:06:57","modified_gmt":"2023-09-21T11:06:57","slug":"norges-bank-announces-that-it-may-be-raised-even-more-news-vestland","status":"publish","type":"post","link":"https:\/\/teknomers.com\/en\/norges-bank-announces-that-it-may-be-raised-even-more-news-vestland\/","title":{"rendered":"Norges Bank announces that it may be raised even more – news Vestland"},"content":{"rendered":"\n

Norges Bank raises the key interest rate by a new 0.25 percentage points. They themselves state this in a press release. They also expect another rate hike in December, despite the fact that many economists had expected that Thursday’s rate hike could be the last for a long time. The increase makes it more expensive for most people who have loans. This is because the policy interest rate usually affects how much the banks have to lend money to ordinary people. When the key interest rate goes up, those who lend have to pay more. Deputy Central Bank Governor P\u00e5l Longva answered questions about the development in a press conference on Thursday morning. Noregs Bank is trying to cool down price growth, says the deputy governor of the central bank. Photo: Emilie Holtet \/ NTB – Rapid and unexpected price increases happen especially to those with low incomes and the least to live on. It is our job to bring inflation down. – We have raised the interest rate a lot in a short time, and we are now incredibly close to the level that is necessary to bring price growth down to the target. Longva says prices are now lower, but still “far above the target” of 2 per cent. – There will probably be a need to keep the interest rate up for quite some time to come, he says, and says that the current situation means that the interest rate will probably remain at 4.5 “through next year”. Policy rate in percent The policy rate is set eight times a year by Norges Bank. The policy interest rate governs the interest rates in the banks, and affects your housing costs. The aim of raising the interest rate is for the high prices to come down again. The forecast tells us how Norges Bank thinks interest rates will develop in the future. Read more about sources and reservations here. A higher policy rate means increased expenses if you have a mortgage 2021 2022 2023 2024 2025 2026 Forecast Norges bank \u2013 A monetary policy reversal The Norwegian Real Estate Brokers’ Association (NEF) is “concerned” about how interest rates will develop, writes managing director Carl O. Geving in an email to news. – Last autumn there was a rare monetary policy reversal when the central bank realized that the key interest rate had been kept low for too long. The site is set up at record speed. Carl O. Geving is managing director of the Norwegian Association of Estate Agents. Photo: Tommy Str\u00f8mmen \/ Norges Eiendomsmeglerforbund – This policy is about to cause far greater damage to housing investments than was expected. Geving says they are particularly worried about residential investments, which “have not fallen so much since the 90s”. – This will gradually have more negative effects on the housing industry as capacity and expertise weaken, and will affect the future supply of housing for a growing population. Director of the monetary policy department at Noregs Bank, Ole Christian Bech-Moen, says they expect housing investment to pick up in the long term. – We think housing investments will fall somewhat more than we had in the previous report and then come back again a little later in time. He says this is “partly because housing construction, i.e. the supply side, has responded”. Warns home loan interest rates of up to 6.5 per cent Carsten Henrik Pihl is consumer and communications manager at the organization Huseierne. He says they had expected this interest rate rise, but that it was not “welcome”. – Throughout the year, Norwegian households have experienced a steady and strong increase in costs through rising interest rates, sharply increasing municipal taxes, a high electricity price and high prices in general. – With this interest rate increase, the mortgage interest rate will go over 6 per cent for most customers. Some will experience mortgage interest rates of 6.5 per cent. It may be possible to negotiate a lower interest rate with the bank, says Carsten Henrik Pihl in Huseierne. Photo: Terje Pedersen \/ NTB scanpix This increase will probably not be noticed until November, he adds, because the banks have six weeks’ notice before they decide to raise the interest rate. They recommend that everyone who has a home loan consider switching banks or “bargaining down the interest rate” by half a percentage point. Then you can save two interest rate jumps, Pihl believes. – But the best mortgage interest rates will still be in excess of 5 per cent. Interest calculator The calculator uses the formula for annuity loans to calculate your monthly costs. Nominal interest is used here. This means that there will be an additional transaction fee which will vary from bank to bank. Today’s interest rate is taken from DNB’s mortgage interest rate for young people, and different banks will have different interest rates. The figures given here will therefore be approximate for you. Monthly expenses are interest and repayments combined. Read more about sources and reservations here. See how much you have to pay if the interest rate increases. An evening trip can cost a thousand kroner – I saw these cars here for the first time in the Fast and Furious films, when Paul Walker, who is now dead, drove around in them here. Alexander Ona-Buen (19) has already bought and sold several light bikes, motorcycles and cars to earn enough money to take out a car loan. He tells news about his childhood dream from the driver’s seat of his Nissan GT-R, on the way from Lagunen to central Bergen. It is a canary yellow 2010 model, which cost around 600,000 with a destroyed gearbox. A normal evening trip in this often costs one thousand Swedish kroner, he says. For Alexander Ona-Buen (v), the car dream started with the confirmation money. He has built up equity by buying and selling light bikes, motorcycles and cars. Photo: Simon Skjelvik Brandseth \/ news – I have no count of how much I have laid out for him. It is scary. – I would rather not know that either, for my own part. Then I think I wouldn’t feel so good about myself. There is no public overview of how many people have high car loans in Norway. But a pointer is the number of cars that have been forcibly sold. This increased by 130 per cent in the first half of 2023, compared with the same period last year. The bailiff in Bergen believes the increase is connected to the fact that the interest rate has become higher. Here Ona-Buen drives in his Nissan GT-R. Car sales in Norway are now on the way down, according to the registration register of the Road Traffic Information Council. Photo: Simon Skjelvik Brandseth \/ news Several struggle to pay off the loan The bailiff in Bergen, Lillian Borge Bersaas, has also noticed that the number of people in prison is increasing markedly, especially among young men. Lillian Borge Bersaas is the Public Prosecutor in Bergen. Photo: Tony \u00c5gotnes \/ news – Many people have a very close relationship with their car. Especially those who have bought these expensive cars. It is a status symbol for many. It is a way to show oneself in one’s environment, she says to news. – Then there are many people who have saved money to buy them, and have finally managed to do it and get that loan. Then they are suddenly taken away again. Ona-Buen has taken out a car loan of 220,000, and thinks it is fine to pay it off with the equity he has. But he has several friends who have higher debts, and knows some “who buy cars so expensive that they can’t afford to drive them”. – It probably has a lot to do with the fact that they thought they could afford better, and that it was going to go better than it actually did.
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