The average interest charged on mortgage loans in February 2018 was 28.7%, compared with 30.4% in January 2018 representing a decline of 6%.

This was disclosed in a recent publication by the Bank of Ghana on the annual percentage rates (APR) and average interest (AI) paid on deposits as at 28th February, 2018.

The report indicates that 9 banks out of 31 offered mortgage loans in February 2018. Mortgage loans from Bank of Baroda attracted the lowest interest rate ranging from 22.0% - 28.0%. Stanbic Bank and HFC Bank charged the second and third lowest interest rates of 24.7% and 26.2% respectively. Meanwhile, mortgage loans from FBN Bank Ghana and Ecobank Ghana attracted interest rates of 31.9% and 34.1% respectively, the highest for the period.

The graph below shows details of interest charged on mortgage loans for the period.