Starting in March 2011, based on the the offer of low-cost funds from the Jamaica Mortgage Bank as well as the Government's reduction in stamp duty charges, companies offering private mortgages have announced downward adjustments in their interest rates. In March the largest player in the local residential mortgage market,
Jamaica National Building Society, with a 46% share of the market, announced that it was contemplating a downward review of its rates, which range from 14% to 18%.
The second-largest player in the private mortgagae market,
Victoria Mutual Building Society, reduced its rates effective June 1 to 10.4 per cent for savers, and 11.99 per cent for non-savers. Effective May 1, 2011,
Scotia Jamaica Building Society, cut its lending rate for new homeowners from 14% to 10.75% fixed for 36 months, and in July, the smallest of the four players,
FirstCaribbean International Building Society, cut rates to 10.4 per cent for account holders and 11.85 per cent for non-savers.