Israel will delay passing a new law that would freeze mortgage rates for first-time home buyers, Finance Minister Bezalel Smotrich said on Sunday, as the proposed legislation faces opposition from the country's central bank.
Smotrich and the head of parliament's finance committee, Moshe Gafni, said in a joint statement they would hold off for a week to allow a "professional discussion" to find a solution for households whose monthly mortgage repayments have jumped in line with steep interest rates hikes over the past year.
Gafni and Smotrich said they would meet with the banking regulator, which is part of the central bank, to come up with a solution for mortgage holders. (Reuters)