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Due to the recent rise in the interest rate on government bonds, commercial banks have launched a mortgage loan product with an upper interest rate exceeding 6%.
According to the banking industry on the 29th, the interest rate on the fixed-type (mixed-type) loan for ‘Woori Apartment Loan’, the main loan of Woori Bank, was calculated to be 4.10 to 6.01% per annum.
The previous day, the interest rate of this product was 3.99-5.90% per annum, but it rose 11bp (1bp = 0.01% point) in just one day.
An official from Woori Bank explained, “The recent surge in KTB yields is the result of a rise in the yield on 5-year Treasury bonds as well.”
In the Seoul bond market the day before, the yield on the five-year KTB rose 25.7bp in just one day. Woori Bank reflected the value calculated by averaging the interest rates on 5-year government bonds for the past three days.
Looking at the fixed-type (mixed) interest rates of other commercial banks on the same day, Hana Bank’s annualized 4.647% to 5.947%, and NH Nonghyup Bank’s annual low of 4.92% to 5.82%, close to the 6% level.
KB Kookmin Bank had an annual rate of 4.00-5.50%, and Shinhan Bank had an annual rate of 4.32-5.15%.
The prospect that the Bank of Korea will raise the key interest rate several more times this year is prevailing, and the US Federal Reserve (Fed) is also announcing intensive austerity policies.
Some believe that the main loan interest rate could rise to 7% within this year.
Interest rates on major credit loans (grade 1, maturity of 1 year) of these five major commercial banks are also rising.
On this day, KB Kookmin Bank’s credit loan (variable rate) interest rate was 3.86-4.86% per annum, and Shinhan Bank’s 3.76-4.26% per annum.
In the case of Hana Bank and Woori Bank, it was 3.624-4.224% and 3.71-4.51% a year, respectively, and NH Nonghyup Bank was 3.71-4.11% a year.
All rose by 5-13bp from the end of February.
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