The Jamaica Labour Party (JLP) is promising to lower mortgage rates to five per cent should it be allowed to run the government following the February 25 general elections.

The promise was made by opposition spokesman on finance, Audley Shaw, at the JLP’s mass rally in Sam Sharpe Square in Montego Bay last night.

Shaw gave the commitment as he noted that interest rates had fallen under the previous JLP administration.

He said if the JLP again becomes the government Jamaicans can expect significantly lower rates for mortgages and small business loans.

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The interest for regular borrowers from the National Housing Trust is six per cent for new construction and seven per cent for other properties.

On the open market, interest rates range from 8.5 per cent to 10 per cent.