Developments in the credit market – new types of loans and the volume of fixed-rate loans in Norway
Gunnar Almklov and Espen Tørum, economists in the Statistics Department, and Marita Skjæveland, economist in the Financial Markets Department.
This article describes developments in various types of loans from financial institutions1 and the volume of loans with a fixed-rate period, i.e. fixed-rate loans. In recent years, the credit market has evolved rapidly. The number of loan products is increasing and growth in borrowing has been high. Furthermore, borrowers have more choice with regard to loan repayment profiles. For instance, interest-only loans have become more common. At the same time, the number of fixed-rate loans has fallen from the already low level of recent years. In Denmark and Sweden, the number of fixed-rate loans is significantly higher. However, the share of fixed-rate loans has recently been declining in these countries as well.