Saudi Real Estate Refinance Company reduces Long Term Fixed Rate mortgages by 26 basis points

Saudi Real Estate Refinance Company reduces Long Term Fixed Rate mortgages by 26 basis points

Riyadh, Saudi Arabia: The Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has announced that it will be lowering the mortgage benchmark curve (the Long-Term Financing Rate –LTFR-) by 26 basis points for mortgage tenors from 20 to 30 years. The rates for mortgages shorter than 20 years is maintained.

By reducing the long end of the mortgage rates in a rising global interest rate environment, SRC continues to support the development of a robust mortgage market and its liquidity, continuously providing affordable and accessible financing options to Saudi citizens.

This sensible reduction in LTFR mortgages is expected to be positive for housing demand in Saudi Arabia and will further support stable financial market conditions and the financial sectors contribution to the overall GDP growth.

Fabrice Susini, CEO of SRC said: "Our commitment to supporting the sustainable growth of the housing market in Saudi Arabia stems from our mission statement and from the recognition of its critical role as a key contributor to the country's economic development.

We are dedicated to providing accessible and affordable financial solutions to the public, while aligning with the strategic objectives of Vision 2030’s Housing Program. This reduction in longer tenor of the