Loan rates decreased in October while deposit rates remained almost unchanged, with the result that the interest rate margin decreased to 4.88% from 5.06% in September 2024.

In more detail, according to data from the Bank of Greece, the weighted average interest rate of all new deposits remained almost unchanged, compared to the previous month, at 0.53%.

In particular, the average interest rate on overnight deposits from households remained unchanged at 0.03%, while the corresponding interest rate on corporate deposits remained almost unchanged at 0.18%.

The average interest rate on deposits with an agreed term of up to 1 year from households remained almost unchanged at 1.84%, while the corresponding interest rate on corporate deposits decreased by 21 basis points to 2.77%.

On the lending side, the weighted average interest rate of all new loans to households and businesses decreased by 19 basis points and stood at 5.41%.

In particular, the average interest rate on consumer loans without a fixed duration (category that includes loans through credit cards, open loans and overdrafts from current accounts) increased by 8 basis points and stood at 14.95%.

The average interest rate on fixed-term and variable-rate consumer loans increased by 16 basis points to 12.20%, while the average interest rate on variable-rate mortgages decreased by 28 basis points to 4.00%.

The average interest rate on non-term business loans decreased by 27 basis points to 6.02%. The corresponding interest rate on professional loans increased by 13 basis points and stood at 7.44%.

The average interest rate on new fixed-term and variable-rate business loans decreased by 27 basis points to 4.98%. The average interest rate on regular maturity loans with a variable interest rate to small and medium enterprises (SMEs) decreased by 21 basis points and stood at 5.36%.

Regarding the structure of interest rates in terms of the amount of the loan, it is noted that the average interest rate for loans up to 250,000 euros decreased by 56 basis points and stood at 5.48%, for loans from 250,001 to 1 million. euros decreased by 11 basis points and stood at 5.44%, while for loans over 1 million. euro decreased by 30 basis points and stood at 4.91%.