TRONDHEIM: SpareBank 1 SMN, a Norwegian savings bank, is to lower its residential mortgage lending rate by up to 0.40 percentage points. The change is effective as from 25 May.

“This is our third interest rate cut in a short space of time, making mortgages even cheaper. We are putting the rate change into effect rapidly given the demanding situation many of our mortgage borrowers find themselves in,” says executive director Nelly Maske at Retail Banking, SpareBank 1 SMN.

SpareBank 1 SMN is also revising the price of bank deposits by the same margin, and the change applies as from 12 July for existing deposit customers. Customers whose interest rates are now changing will shortly receive information on what this means for their mortgages.