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Mortgage Rates Jump In 2009 Quarter 1

Sun, Jun 21, 2009

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The Bank of Jamaica (BOJ) recently published its Quarterly Monetary Policy Report for the three months ending March 31, 2009, and it indicates that the weighted average lending rate on mortgages jumped from 7.57% at the end of December 2008, to 9.64% for the quarter ending March 31, 2009.

Not a good sign for Jamaica’s real estate sector which is already struggling from the local, regional and global economic slump.

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