Bank Mortgage Interest Rates Rise to 4.66% per Annum for the Fourth Consecutive Month, Reaching a 3-Year and 9-Month High.
4 Articles
4 Articles
It was found that since July, when the Bank of Korea shifted toward monetary tightening by raising the base rate, bank deposit rates have remained stagnant, while lending rates have been on an upward trend. Among household loans, the interest rate on mortgage loans rose to 4.66% in August, reaching its highest level since November 2022. This was released by the Bank of Korea on the 30th.
(Seoul = Yonhap News) Reporter Lee Do-heun = Last month, mortgage interest rates rose for the fourth consecutive month, reaching their highest level since the Legoland crisis.
The Bank of Korea's hike in the base interest rate has caused mortgage and credit loan interest rates to surge, increasing the interest burden on households. Loan rates have reached their highest level in four years, and credit loan rates have surpassed the 6% mark. Consequently, there is a growing trend of borrowers opting for fixed interest rates, while deposit rates have fallen slightly, leading to continued market uncertainty.
The average interest rate on mortgage loans handled by banks rose to 4.66%. This is the highest level in three years and nine months since November 2022 (4.74%).
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