Consumers and homeowners get boost after MPC cuts rates - weekendargus.co.za

The rate cut will make home loans more affordable and property buyers will find it slightly easier to qualify. The Monetary Policy Committee (MPC) announced on Thursday that interest rates will drop by 0.25%, bringing the repo rate to 7% and the prime lending rate to 10.5%, which property companies say is a welcome boost for consumers and homeownership. Samuel Seeff, the chairman of the Seeff Property Group, said the rate cut is welcome news for the economy and property market. REMAX Southern Africa said it views the announcement by the MPC as a welcome step towards reinvigorating economic activity and restoring consumer confidence. This is the third interest rate cut this year (fifth since September last year).