ANOTHER MORTGAGE RATE DROP IN MADEIRA ISLAND, PORTUGAL
The European Central Bank announced a further 0.25% drop in mortgage interest rates this week. The new mortgage interest rate of 1% is considered locally to be a historic all time low and many families will save on their monthly mortgage repayments. This was the 7th interest rate cut since the creation of the European monetary union in 1999. The positive news for borrowers is that the president of the Central European Bank believes that further interest cuts could be on the way. If compared to present interest rates practised by North American Federal Reserve Bank and the Bank of England, the European Central Bank interest rate is still perceived to be high. Now more than ever, investing your hard-earned money in bricks and mortar is far more appealing. For all your property purchase needs in Madeira Island, Portugal email Tony de Nobrega of Nobrega Realty.