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Abecip: Mortgage lending remains active in Brazil, but at a lower level

The mortgage lending market in Brazil is staying activeaccording to the head of Brazil's mortgage lenders association Abecip, GilbertoDuarte de Abreu Filho, but 2016 won't be as active as recent years, O Estado de S. Paulo reported April 12.

According to Abreu Filho, mortgage financing throughsavings depositsshould reach some 50 billion Brazilian reais this year, compared to 75.6billion reais granted in 2015, which was 33% lower than the amount recorded in 2014.

If structural adjustments reduced annual interest rates toaround 10%, mortgage lending could see a stronger comeback, Abreu Filho said,noting that it presently sits around 14% after dropping over the past twomonths from 17%.

As of April 12, US$1was equivalent to 3.52 Brazilian reais.