Households borrow more - but at better rates
People are borrowing more money than ever, but they are getting better interest rates on it, according to Statistics Sweden. Swedish households borrowed 5 percent more in March this year compared to last, the same percentage rise as in February.
Home loans also increased by 5 percent. Together, Swedes have tied up roughly $307 billion into their homes. And almost half of those loans are in the form of adjustable interest rates.
The good news is that home borrowers are also paying less interest. The average new home loan in March was for 3.86 percent, a .10 decrease compared to last year.
This is because short-term interest rates have sunk.