Debt-to-income ratio revives… Mortgage interest rates fall for 9 consecutive months: Nate News
Asia Today Reporter Lee Choong-jae = Last month, the average interest rates on bank loans and deposits both decreased. In particular, the interest rate on housing mortgage loans (housing mortgage loans) fell for nine consecutive months, dropping to the lowest level in two years and nine months.
◇Deposit interest rate 3.41%, loan interest rate 4.55%, both falling
According to the ‘July Financial Institution Weighted Average Interest Rate’ statistics released by the Bank of Korea on the 30th, the savings deposit interest rate (based on new transaction amount) at deposit banks last month was 3.41% per annum, down 0.10 percentage points (p) from the previous month.
The interest rate on pure savings deposits such as time deposits (3.41%) fell by 0.09%p, and the interest rate on market-type financial products such as financial bonds and certificates of deposit (CD) (3.41%) also fell by 0.17%p.
In particular, the housing loan interest rate fell by 0.21 percentage points to 3.50%, the lowest level since October 2021. This is the first time that the base rate and the average housing loan interest rate have become the same.
Recently, with the rise in housing prices in the metropolitan area, ‘soul investment’ and ‘debt investment’ are on the rise again, and the interest rate threshold has also been lowered.
◇”It was worth living like a swindler”… The first ever ‘Housing Loan Interest Rate = Base Rate’
The lending rate of deposit banks (4.55%) fell by 0.16%p, recording a decline for the second consecutive month. Among lending rates, the corporate lending rate (4.78%) fell by 0.10%p.
The household loan interest rate (4.06%) also fell by 0.20%p, hitting its lowest level in 2 years and 2 months since April 2022 (4.05%). The proportion of fixed-rate household loans (based on new loans) increased by 8.3%p from 64.2% to 72.5%.
The expected interest rate gap, which refers to the difference between the lending rate based on the new bank handling amount and the savings deposit rate, decreased by 0.06%p from the previous month to 1.14%p. The expected interest rate gap based on the balance, not the new handling amount, also decreased from 2.36%p to 2.31%p.
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Lee Chung-jae cj5128@empas.com