Drawdowns of new housing loans in July lower than usual
Drawdowns of new housing loans in July 2023 totalled EUR 1.0 bn, a decline of 27% on the corresponding month last year. The last time housing loan drawdowns were this low in July was in 2002. In July 2023, the average interest rate on new housing loans stood at 4.55%. The average interest rate on new housing loans has not been higher than this since November 2008.

Drawdowns of new housing loans in July 2023 totalled EUR 1.0 bn, a decline of 27% on the corresponding month last year.1 The last time housing loan drawdowns were this low in July was in 2002. Buy-to-let mortgages accounted for EUR 86 million of the new housing loans in July, down 22% from the same period a year ago.
In July 2023, the average interest rate on new housing loans stood at 4.55%. The average interest rate on new housing loans has increased markedly (by a percentage point) from the beginning of the year. The average interest rate on new housing loans has not been higher than this since November 2008. Average interest rates on both owner-occupied and buy-to-let mortgages have risen. The average interest rate on new owner-occupied residential mortgages stood at 4.53% in July 2023. At the same time, the interest rate on new buy-to-let mortgages was higher, at 4.72%.
In July, the average repayment period of housing loans was 22 years and 7 months. The proportion of loans with a repayment period of over 30 years declined to 7% of new drawdowns. In 2023 up to July, the proportion ranged from 13% to 15%. As of July 2023, households are required to repay new housing loans in a maximum of 30 years.2 However, banks may deviate from the maximum maturity in 10% of their lending.
In July 2023, 95% of new drawdowns of housing loans were linked to Euribor rates, with the remaining 5% being linked to other reference rates.3 The 12-month Euribor was used as the reference rate in 51% of new Euribor-linked housing loans, as opposed to 93% in July last year. Following the rise in the level of interest rates, the shorter 3- or 6-month Euribor rates have been used increasingly as reference rates for housing loans.
Loans
At the end of July 2023, the housing loans stock totalled EUR 106.9 billion, and its year-on-year growth amounted to -1.6%. Buy-to-let mortgages accounted for EUR 8.6 billion of the housing loan stock. At the end of July, the household loan stock included EUR 17.1 billion of consumer credit and EUR 17.7 billion of other loans.
Drawdowns of new loans4 by Finnish non-financial corporations amounted to EUR 1.6 billion, with loans to housing corporations accounting for EUR 350 million. The average interest on new corporate loan drawdowns rose from June to stand at 5.56%. At the end of July, the stock of loans granted to Finnish non-financial corporations stood at EUR 105.3 billion, whereof loans to housing corporations accounted for EUR 43.3 billion.
Deposits
At the end of July 2023, the stock of Finnish households’ deposits totalled EUR 109.9 billion, and the average interest rate on these deposits was 0.78%. Overnight deposits accounted for EUR 80.5 billion and deposits with an agreed maturity for EUR 7.4 billion of the total deposit stock. In July, Finnish households made new agreements on deposits with an agreed maturity in the amount of EUR 400 million. In July, the average interest rate on deposits with an agreed maturity was 2.91%.
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 on 28 September 2023.
Related statistical data and graphs are also available on the Bank of Finland website: shttps://www.suomenpankki.fi/en/Statistics/saving-and-investing/.
[1] Average drawdowns of new housing loans in the month of July in 2012–2022 amounted to EUR 1.5 billion.
[2] Further information on the Government website: https://valtioneuvosto.fi/en/-//10623/limitations-on-loans-to-households-and-housing-companies-to-be-introduced-at-the-beginning-of-july
[3] Banks’ own reference rates, fixed interest rates or other interest rates.
[4] Excl. overdrafts and credit card credit.
The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro.
Subscribe to releases from Suomen Pankki
Subscribe to all the latest releases from Suomen Pankki by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Suomen Pankki
Marja Nykänen utnämnd till medordförande i Finansiella stabilitetsrådets regionala konsultativa grupp för Europa1.7.2025 17:00:00 EEST | Pressmeddelande
Utnämningen stärker Finlands aktiva roll som främjare av global finansiell stabilitet.
Marja Nykänen nimitetty kansainvälisen rahoitusvakausneuvoston Euroopan alueellisen ryhmän toiseksi puheenjohtajaksi1.7.2025 17:00:00 EEST | Tiedote
Nimitys vahvistaa Suomen aktiivista roolia kansainvälisen rahoitusvakauden edistäjänä.
Marja Nykänen appointed as Co-Chair of Financial Stability Board’s Regional Consultative Group for Europe1.7.2025 17:00:00 EEST | Press release
This appointment reinforces Finland’s active role in fostering international financial stability.
Hushållen har mycket konsumtionskrediter – tillväxttakten har mattats av1.7.2025 10:00:00 EEST | Pressmeddelande
I maj 2025 uppgick det utestående beloppet av konsumtionskrediter som banker med verksamhet i Finland beviljat hushåll till 17,6 miljarder euro och utlåningen minskade med −0,7 % från året innan. Minskningen i det utestående beloppet av konsumtionskrediter är en följd av att utnyttjandet av konto- och kortkrediter och utbetalningarna av konsumtionskrediter utan säkerhet har minskat. Konsumtionskrediter beviljade av banker står för 63 % av hushållens totala utestående konsumtionskrediter. I maj 2025 minskade hushållens utestående kortkrediter[1] (3,6 miljarder euro) med −1,0[2] jämfört med ett år tidigare, då de utestående kortkrediterna vid motsvarande tidpunkt året innan ökade med nästan 6 %. Vid utgången av maj var 19 % av kortkrediterna räntefri betaltidskredit och 81 % äkta kortkrediter, dvs. kortkredit med ränta. I januari–maj 2025 utbetalades från bankerna 9 % mindre sedvanliga konsumtionskrediter utan säkerhet[3] jämfört med motsvarande tidpunkt ett år tidigare. Också det utestå
Kotitalouksilla runsaasti kulutusluottoja –kasvuvauhti hidastunut1.7.2025 10:00:00 EEST | Tiedote
Toukokuussa 2025 Suomessa toimivien pankkien kotitalouksille myöntämien kulutusluottojen kanta oli 17,6 mrd. euroa ja se supistui vuodentakaisesta −0,7 %. Kulutusluottokannan supistumiseen vaikuttavat tili- ja korttiluottojen vähentynyt käyttö ja vähäisemmät vakuudettomien kulutusluottojen nostomäärät. Pankkien myöntämät kulutusluotot kattavat 63 % kotitalouksien kokonaiskulutusluottokannasta. Toukokuussa 2025 kotitalouksien korttiluottokanta[1] (3,6 mrd. euroa) supistui −1,0 %[2] vuodentakaiseen verrattuna, kun vuosi sitten vastaavana aikana korttiluottokanta kasvoi lähes 6 prosentin vauhdilla. Toukokuun lopussa korttiluotoista 19 % oli korotonta maksuaikaluottoa ja 81 % pidennettyjä korttiluottoja eli korollista korttiluottoa. Tavanomaisia vakuudettomia kulutusluottoja[3] nostettiin pankeista tammi-toukokuun 2025 aikana 9 % vähemmän kuin vuosi sitten vastaavana aikana. Myös vakuudettomien kulutusluottojen kanta supistui toukokuussa. Suomessa toimivien pankkien myöntämistä kulutusluot
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom