Interest rates on mortgages are expected to rise this year but will not surge to the levels they reached during the 1990s real estate boom, said Government Housing Bank (GH Bank) president Chatchai Sirilai.
He said that GH Bank's current average interest rate is 3%. If the Bank of Thailand raises the benchmark rate by 0.25% next month, GH Bank would not immediately follow suit but would do so in October and only by 0.15%.
