# Hungarian banks rate cuts and mortgage competition

> Live situation record from CLSTR: https://clstr.news/situations/hungarian-banks-rate-cuts-and-mortgage-competition
> Updated: 2026-08-08T07:40:00.000Z. Sources: 3. Developments: 2.

In late July 2026, the Magyar Nemzeti Bank lowered its base rate to 5.75%, prompting Hungarian banks to reduce retail deposit rates across the sector. Most banks cut rates by 0.25‑0.5 percentage points, affecting the majority of the 14.8 trillion forint household deposit pool.

A week later, banks shifted focus to the mortgage market as competition over the government‑backed Otthon Start program intensified. Several lenders, including UniCredit, MagNet, MBH and CIB, offered sub‑3% fixed rates on new housing loans, while Gránit raised its rate to 3%. The moves came amid record borrowing, with the Otthon Start scheme projected to account for about 80% of new housing loans in 2026.

## Timeline

### 2026-08-08: Hungarian banks cut mortgage rates as competition over Otthon Start loans intensifies

CIB Bank lowered mortgage rates to around 6.7‑6.9%, while UniCredit joined other banks offering sub‑3% Otthon Start loans; Gránit Bank raised its rates to 3%, reflecting fierce competition in Hungary’s mortgage

3 sources. https://clstr.news/cluster/hungarian-banks-cut-mortgage-rates-as-competition-over-otthon-start-loans-intensifies

### 2026-07-25: Hungarian banks slash deposit rates following MNB rate cuts

After the MNB cut its base rate to 5.75%, Hungarian banks reduced retail deposit rates by 0.25‑0.5 points, with examples like Gránit Bank’s 6‑month rate now 5.75% and some 3‑month promos staying at 7%.

2 sources. https://clstr.news/cluster/hungarian-banks-slash-deposit-rates-following-mnb-rate-cuts

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Cite as: Hungarian banks rate cuts and mortgage competition. CLSTR, https://clstr.news/situations/hungarian-banks-rate-cuts-and-mortgage-competition