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Mortgage Defaults Rise Again, Prompting Questions for Bank of Israel
Mortgage payment defaults in Israel have risen to NIS 4.227 billion in September, a slight increase from previous months, amidst high interest rates and cost of living pressures.
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What happened
- 01Mortgage defaults in Israel reached NIS 4.227 billion in September.
- 02The default rate in September was 0.624% of all mortgage holders.
- 03High interest rates are identified as the primary reason for mortgage defaults.
- 04Mortgage refinancing has increased due to recent interest rate decreases.
- 05The data pertains to defaults exceeding 90 days.
While the default rate remains low at 0.624%, concerns persist about the impact on borrowers, particularly those with large mortgages taken out before April 2022. The Bank of Israel monitors these figures closely, with refinancing activity also playing a role in the overall mortgage market.
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