Gov't to promote fixed-rate mortgages

The Polish government will try to increase the popularity of fixed-rate mortgages to prevent shocks for borrowers when interest rates rise, the development and technology minister has said. Currently, most mortgages in Poland are based on a floating interest rate. This has resulted in mortgage payments nearly doubling for some borrowers after the central bank increased its reference rate to 5.25 percent from a record-low level of 0.10 percent in a series of hikes aimed to stem inflation.