– Norges Bank is keeping the door open for an interest rate cut in December, but most people will have to settle for continued high interest rates for the rest of the year, he says.
Gundersen says that in that case 2024 will be the year with the highest interest rate level Norwegian mortgage customers have experienced in over 15 years.
– The announcement from Norges Bank is most likely zero interest rate cuts this year, but three cuts next year, says Gundersen.
Norges Bank also this time kept the key interest rate at 4.5 per cent and said that it should remain at the current level for the rest of the year. But from the forecasts in the Monetary Policy Report, several economists read that an interest rate cut may come earlier than was estimated in the June interest rate path.
The signals sent by the bank still mean that everyone with a mortgage must just continue to cut back on expenses and hold out for a while longer.
– We have to be a little more patient before we get the first interest rate cut. It is those with a low income and the households with the largest loans in relation to their income who struggle the most when interest rates continue to be at a high level, says Gundersen.
Better times are ahead, the economist believes, but it will take time.
– If the forecasts work, people can count on better advice next year because prices will rise less than before, wage growth is good and interest rates will gradually be lower. The prospects for Norwegians’ wallets are good, but it will take time before we notice it, he says.
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2024-09-20 01:07:23
