Customers visiting a bank branch in Seoul are receiving counseling.
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Customers visiting a bank branch in Seoul are receiving counseling.
News 1
Influenced by the rise in the interest rate on government bonds, commercial banks have introduced housing mortgage products that exceed 6% per annum.
According to the financial industry on the 29th, the fixed-type (mixed) interest rate for Woori Bank’s ‘Woori Apartment Loan’ stood at 4.10-6,01% per annum on the same day. This is due to the rise in the yield of the 5-year financial bond, the reference rate for the fixed rate, due to the rise in the interest rate of the government bond.
Looking at the fixed rate of mortgage loans of other commercial banks, Hana Bank was 4.647-5.947% and NH Nonghyup Bank was 4.92-5.82% a year, close to the 6% range. KB Kookmin Bank had an annual rate of 4.00-5.50%, and Shinhan Bank had an annual rate of 4.32-5.15%.
Loan interest rates are expected to continue to rise this year due to global tightening movements, such as the US Federal Reserve’s rate hike, and the Bank of Korea’s base rate hike and inflation. This is because the reference interest rate, which is applied when banks raise funds necessary for loans, such as Cofix and bank bonds, is expected to rise. Some believe that the fixed interest rate for home mortgage loans could rise to the 7% range within the year.
By Hong In-ki
