Reserve Bank likely to slow repo rate hikes, now that we’ve reached pre-pandemic levels | The Citizen

The Reserve Bank increased the repo rate by 75 basis points for the second time, in line with the similar increase by the US Fed, which brings the rate close to pre-pandemic levels. This means that the repo rate will now sit at 6.25% and the prime interest rate at 9.75%. Consumers will now pay more for credit and consumers with, for example, a home loan of R1 million with a repayment term of 20 years (to 0 future value), who are currently paying about R9 000 per month at prime, will now see their payments increase to R9 500. Those with,…

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