2023-04-28 05:03:34
Last month, interest rates on household loans fell for the third month in a row. This is attributable to the decline in key index rates such as 5-year bank debentures, which are the standard for fixed rates for housing mortgage loans, and the expanded handling of special Bogeumjari Loan, which has a relatively low interest rate. As corporate loan interest rates also fell due to preferential treatment by some banks, the overall loan interest rates for households and businesses also fell for a fourth consecutive month. The proportion of fixed interest rates exceeded 50%, recording the highest level in six years and eight months.
According to the “Weighted Average Interest Rate of Financial Institutions in March 2023” announced by the Bank of Korea on the 28th, the interest rate on household loans (based on new loans) at deposit banks recorded an annual 4.96%, down 0.26% from the previous month (5.22%). This is the third consecutive month of decline, and the lowest figure in seven months since August last year (4.76%).
Among them, the general unsecured loan interest rate fell 0.11 percentage point to 6.44% from 6.55% the previous month. It is the lowest since August of last year (6.24%).
The mortgage interest rate was 4.40%, down 0.16 percentage point from the previous month (4.56%). The bond yield has been on a downward trend for 5 months in a row. It is the lowest level in seven months since August of last year (4.35%).
The COFIX interest rate based on the new handling amount as of the month of application last month, which is the index rate of the variable main debt, was 3.68%, down 0.38 percentage points from the previous month (4.06%). The CD (91-day) rose 0.09 percentage point from the previous month to 3.61%. The 5-year bank bond yield was 4.10%, down 0.09 percentage point from the previous month (4.19%), and the 1-year yield rose 0.01 percentage point to 3.72%.
Park Chang-hyeon, head of the financial statistics team at the BOK’s Economic Statistics Bureau, said, “This is due to the decline in major index interest rates, such as the interest rate on 5-year bank bonds, which is the benchmark rate for the fixed rate, and the expanded handling of special Bogeumjari loans with relatively low interest rates.” The interest rate of the safe conversion loan varies depending on the subject or maturity, but it is in the range of 3.7 to 4.0%, and the special Bogeumjari loan is in the low to mid-4% range.
In the case of non-bank institution loan interest rates, mutual savings banks fell by 0.45 percentage point to 12.38%. Credit unions fell by 0.15 percentage point to 6.89%, mutual credit by 0.21 percentage point to 6.14%, and Saemaul Geumgo to 6.83% by 0.06 percentage point.
Corporate loan interest rates also declined for the fourth consecutive month due to the expansion of preferential interest rates by some banks for SME loans. The overall corporate loan interest rate in March was 5.25%, down 0.11 percentage point from the previous month (5.36%).
The interest rate on loans to large corporations was 5.19%, down 0.05 percentage point from the previous month, and the interest rate on loans to small businesses was 5.28%, down 0.17 percentage points from the previous month.
As both household and corporate loan rates were lowered, the average interest rate for household and business loans was 5.17%, down 0.15 percentage point from the previous month (5.32%). This is the fourth consecutive month of decline.
The savings deposit interest rate was 3.52%, up 0.02 percentage points from the previous month. This is because financial debenture issuance was concentrated in early March when market interest rates were high, and some banks held special sales events for financial debentures, centering on compound interest bonds with high interest rates.
The interest rate for pure savings deposits and time deposits remained the same as the previous month at 3.53% each. The interest rate on market-type financial instruments rose 0.13 percentage point to 3.70%.
The difference in deposit-to-deposit interest rates based on new loans handled by banks was tallied at 1.61 percentage points, down 0.17 percentage points. Deposit rates rose while lending rates fell, reducing the rate in three months. The balance-based deposit-deposit interest rate difference related to the profitability of banks was 2.60 percentage points, the same as the previous month.
The proportion of fixed interest rates increased for six consecutive months due to the expansion of special Bogeumjari Loan loans and the decline in long-term interest rates that serve as the standard for fixed rates. Among household loans, the proportion of fixed-rate loans based on new handling amount was 57.5%, up 9.2 percentage points from the previous month (48.3%). It is the first time in three years and two months since January 2020 (50.2%) that the proportion of fixed interest rates exceeded 50%. It is also the highest level in 6 years and 8 months since July 2016 (57.8%). In terms of balance, it was 26.0%, up 1.1% from the previous month (24.9%).
The Bank of Korea expects that the decline in household loan interest rates will continue this month, as the average Cofix rate for March and April, when the variable interest rate is applied, and the bank debenture rate, which is the standard for credit loans and the main mortgage rate, are declining this month. .
Manager Park said, “The average interest rate for March and April of the COFIX, which is applied to the floating rate of the main deposit this month, is 3.55%, which is lower than the applied rate (3.68%) of the previous month, so it is expected to have an impact on the decline in the loan interest rate, and the 5-year interest rate on financial bonds also declines. “However, we cannot simply look at the index rate, but we need to comprehensively look at the spread, adjustment of the prime interest rate, and expectations for the direction of monetary policy in major countries,” he said. said.
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