Since the beginning of the current interest rate cutting cycle, mortgage lending has remained underwhelming. In the seven months leading up to the first rate cut, outstanding mortgage balances grew by an average of 2.8%, according to the South African Reserve Bank's data. In the seven months following the cut (data-to-date), growth slowed to just 2.3%. When adjusted for house price inflation, these figures drop to 2.1% before the cut and a mere 0.7% afterward.
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