April 19, 2024
Finance
Korean mortgage rates rise in Nov.
[THE INVESTOR] South Korean mortgage rates in November picked up considerably from the previous month, data showed on Dec. 22.
Annual mortgage rates by South Korea’s top five lenders -- KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank and NH Bank -- averaged 3.28 percent last month, up 0.28 percentage point from a month earlier, according to the data by the Korea Federation of Banks.
The increase was down to a rise in COFIX, a benchmark lending rate for mortgage loans, on expectations for a US interest rate increase.
Over the past three years, the big five lenders’ average mortgage rate has surged to 3.28 percent from 2.74 percent, they said.
Local banks are widely expected to jack up their mortgage rates in January, when the latest US rate increase is reflected in COFIX.
(theinvestor@heraldcorp.com)
Annual mortgage rates by South Korea’s top five lenders -- KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank and NH Bank -- averaged 3.28 percent last month, up 0.28 percentage point from a month earlier, according to the data by the Korea Federation of Banks.
The increase was down to a rise in COFIX, a benchmark lending rate for mortgage loans, on expectations for a US interest rate increase.
Over the past three years, the big five lenders’ average mortgage rate has surged to 3.28 percent from 2.74 percent, they said.
Local banks are widely expected to jack up their mortgage rates in January, when the latest US rate increase is reflected in COFIX.
(theinvestor@heraldcorp.com)
