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SWEDEN: Highest Household Lending Growth Since May 2023

SWEDEN
SwedenCEEMEABulletMarketsFixed Income BulletsForeign Exchange Bullets

The annual growth rate of Swedish household lending reached its highest since May 2023 at 1.3% Y/Y (vs 1.1% prior) in October, in a tentative sign that the Riksbank’s interest rate cuts are starting to support activity in the real economy. However, lending growth amongst non-financial corporates was -1.7% Y/Y for the second consecutive month.

  • Mortgages account for 83% of household lending, and grew 1.1% Y/Y (vs 0.9% prior). Loans for consumption purposes (6% of household lending) grew 4.9% Y/Y (vs 5.0% prior).
  • The average interest rate on housing loans fell to 3.65% (vs 3.82% prior), with further Riksbank policy easing priced by markets. Over 70% of Swedish mortgages are floating rate.

 

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The annual growth rate of Swedish household lending reached its highest since May 2023 at 1.3% Y/Y (vs 1.1% prior) in October, in a tentative sign that the Riksbank’s interest rate cuts are starting to support activity in the real economy. However, lending growth amongst non-financial corporates was -1.7% Y/Y for the second consecutive month.

  • Mortgages account for 83% of household lending, and grew 1.1% Y/Y (vs 0.9% prior). Loans for consumption purposes (6% of household lending) grew 4.9% Y/Y (vs 5.0% prior).
  • The average interest rate on housing loans fell to 3.65% (vs 3.82% prior), with further Riksbank policy easing priced by markets. Over 70% of Swedish mortgages are floating rate.