2024-01-02 08:52:12
2023 was the year where reality reached mortgage creditmainly that granted by banks, due to a series of factors that affected their behavior, such as the rise in interest rates and the increase in housing prices; However, despite this scenario, 2024 is an encouraging year for banks for this product.
Enrique Margain Pitman, coordinator of the Comité del Mortgage credit of the Association of Banks of Mexico (ABM), recognized that 2023 was a year where the placement of banks of mortgage credit decreased both in number of financings and in amount placed.
With data as of September 2023, the behavior of the mortgage credit banking was as follows:
Concept
Figures
Annual variation
Credits placed
93,100
– 15.8%
Amount placed
200,000 million pesos
– 5.4%
For the representative of the bankers in matters of mortgage creditthese falls that are seen were mainly for the following reasons:
Increase in housing prices. Margain Pitman indicated that the rise in housing prices in the last four years has been a relevant factor that affects people’s ability to pay. “In the last four years, we can say that in this period the price of housing has increased by more than 45%, so, undoubtedly, this has an impact on people’s ability to pay to be able to buy a home.”
Increase in interest rates. The banker indicated that although the average rate of the mortgage credit is 10.3%, this percentage is higher by one percentage point compared to what it was a year ago. “That also has an impact because in some way it reduces the amount of credit you can take out. or it extends the monthly payment you pay by a fixed amount.
Investor fear. Likewise, the banker indicated that the rise in interest rates It also has an impact on the decision of investors who seek to purchase homes as part of their investment strategy, since if they do so with credit it is currently not convenient for them due to the level of the interest rates.
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Perspectives 2024
Although we still have to wait for the final data for 2023, since the last part of the year is dynamic with respect to the placement of this type of financing for banks, 2024 looks favorable, indicated Margain Pitman.
“The perspective that many people have is that, perhaps next year the conditions of the interest rates They are going to be better and perhaps some preferred to wait,” declared the banker.
Margain Pitman pointed out that 2021 was an atypical year with a large placement of this type of financing and in 2022 the figures stabilized, already with a drop in 2023; However, the reality is that the banking portfolio in terms of mortgage credit It is found with healthy indicators, such as:
“The truth is that the portfolio grew 9.78% (during 2023), I think we are talking about a sector that has been growing on very solid bases, it is a very resilient sector,” said the banker.
In this scenario, Margain Pitman highlighted that there are factors such as the growth of the demographic bonus and the formation of households, which lead to optimistic expectations regarding the placement of mortgage credit in the coming months.
“We have to look at it this way going forward, the prospects are favorable towards 2024 based on the fact that it can be expected that thes interest rateswhich are going to change gradually with a downward trend,” declared the banker.
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