KIEV, Jan. 23 - Interest rates on the State Mortgage Institution's mortgage credits in hryvnias in 2007 fell by almost 5%, from 16.05% to 11.3%, while the interest rates of the commercial banks fell by 3.7%, from 17.75% to 14.05%, according to the State Mortgage Institution.

The State Mortgage Institution said that the fall in the interest rates on the institution's mortgage credits in hryvnias was achieved due to increased competition between the banks belonging to its re-financing system, and the involvement of new participants that cut their interest rates to fight for a share of the market.