The effective annual interest rate on mortgage loans denominated in the local currency dropped to 6,55% over the past week, central bank data shows. The annual percentage rate for a 10-year loan to the amount of BGN 50,000, commission fees included, varies between 6.71 and 7.76% from bank to bank. Interest rates on mortgages averaged 9.31% a year this week. Most bankers, however, comment that a collapse in interest rates is unlikely, adding that the anticipatory effect of this country's future EU accession on the rates has worn off. Customer services, though, still have room for improvement and a wider range of products will be marketed, according to bankers. DZI Bank was the latest local bank to lower the cost of mortgage borrowing from 9.5 to 7.65%. Interest rates on consumer loans are also depreciating, though not as fast as mortgage rates. They stood at 10.25% last week versus 11.37% year earlier.