In July 2024, the volume of new housing loans drawn down by Finnish households was moderate at EUR 1.0 billion, which was 4.3% more than in last year’s July and 27.8% less than on average in July 2011–2023. July is typically a quiet month in terms of housing loan drawdowns.
Drawdowns of new buy-to-let housing loans in July 2024 totalled EUR 96 million, representing an increase of 12% on the corresponding period last year. Drawdowns of owner-occupied housing loans amounted to EUR 952 million, that is, 4% more than in July last year.
The average interest rate on the new housing loan drawdowns in July was 4.22%. The average interest rate on new owner-occupied housing loans declined from June to stand at 4.20% in July. The average interest rate on new owner-occupied housing loans has declined by over 0.5 percentage points from their peak in October 2023. In July, the average interest rate on new buy-to-let housing loans stood at 4.36%, showing a decline from the October 2023 peak equal to the decline in the average interest rate on owner-occupied housing loans. The majority of housing loans are linked to Euribor rates, which have been declining lately. In July 2024, the most common reference rate for housing loans, the 12-month Euribor, stood at 3.53% on average, as opposed to 4.15% in July 2023. On 1–26 August, the 12-month Euribor was just 3.18% on average.
Due to the low volume of drawdowns, the stock of housing loans contracted by 0.9% year-on-year in July 2024. The stock of owner-occupied housing loans was reduced by 1.0% while the stock of buy-to-let mortgages grew by 0.7% year-on-year. At the end of July 2024, the stock of owner-occupied housing loans amounted to EUR 97.2 billion and the stock of buy-to-let housing loans to EUR 8.7 billion. The average interest rate on the stock of housing loans (EUR 105.9 billion) was 4.01% in July.
Loans
At the end of July, the household loan stock included EUR 17.9 billion of consumer credit and EUR 17.4 billion of other loans (excl. housing loans).
In July, drawdowns of new loans by Finnish non-financial corporations amounted to EUR 2.1 billion, with loans to housing corporations accounting for EUR 480 million. The average interest on new corporate loan drawdowns rose from June to stand at 5.26% in July. At the end of July, the stock of loans granted to Finnish non-financial corporations stood at EUR 107.5 billion, whereof loans to housing corporations accounted for EUR 44.6 billion.
Deposits
At the end of July 2024, the aggregate stock of Finnish households’ deposits was EUR 110.0 billion, and the average interest rate on these deposits was 1.36%. Overnight deposits accounted for EUR 66.7 billion and deposits with agreed maturity for EUR 14.4 billion of the total deposit stock. In July, Finnish households made new agreements on deposits with agreed maturity in the amount of EUR 1,180 million. In July, the average interest rate on new deposits with an agreed maturity was 3.52%.
| Loans and deposits to Finland, preliminary data* | |||||
| May, EUR million | June, EUR million | July, EUR million | July, 12-month change1, % | Average interest rate, % | |
| Loans to households, stock | 141,313 | 141,421 | 141,223 | -0.6 | 4.59 |
| - of which housing loans | 105,965 | 106,032 | 105,861 | -0.9 | 4.01 |
| - of which buy-to-let mortgages | 8,674 | 8,682 | 8,680 | 4.21 | |
| Loans to non-financial corporations2, stock | 108,077 | 108,10 | 107,497 | 1.0 | 4.66 |
| Deposits by households, stock | 109,104 | 110,784 | 109,951 | 0.1 | 1.36 |
| Households' new drawdowns of housing loans | 1,134 | 1,096 | 1,049 | 4.22 | |
| - of which buy-to-let mortgages | 100 | 96 | 96 | 4.36 | |
* Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases.
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.
2 Non-financial corporations also include housing corporations.
- Euro-denominated deposits and loans of euro area residents: stock, 12 month rate of change and average interest rate
- Euro-denominated loans and deposits of Finnish households
- New business on loans and new drawdowns of household loans
- Finnish contribution to the euro area monetary aggregates and their main counterparts
- Imputed interest rate margins on loans from MFIs
For further information, please contact:
Usva Topo, tel. +358 9 183 2056, email: usva.topo(at)bof.fi.
Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)bof.fi.
The next news release on money and banking statistics will be published at 10:00 on 30 September 2024.
Related statistical data and graphs are also available on the Bank of Finland website: https://www.suomenpankki.fi/en/statistics2/.