Interest rates rise to 15%

Tito Mboweni announced an interest rate hike of 0.5%. With the previous interest rate already on 14,5% we are now standing at 15%.

This increase will certainly place a lot of pressure under most of the South African, middle class home owners. A lot of the South African home owners are already struggling to make their bond repayments. Now, with the interest rates this high one can only wonder if some of them are still going to be able to keep their home.

With the interest climbing this high every now and then the fear rises to where it would end and how many would still be able to afford the homes they are currently owning.