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Mortgage rates hit 17-month low in S. Korea

Collected: 2024.02.01

Distributed: 2024.02.02

Source: Go Direct

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[Photo by Yonhap]

In response to a decline in bank bond yields, average interest rates for mortgage loans in South Korea have hit their lowest levels in 17 months. The surge in demand for mixed-rate mortgage loans has contributed to a significant increase in the proportion of fixed-rate mortgages, reaching close to 60 percent.

According to data released by the Bank of Korea on Wednesday, the average interest rate on new household loans dropped by 0.22 percentage points to 4.82 percent on-year in December last year. This decline comes after a brief spike to 5 percent in October of last year, which then reversed, settling into the 4 percent range within three months.

One of the noteworthy reductions has been observed in the sector of home mortgage loans, where the average interest rate fell by 0.32 percentage points to 4.16 percent. This marks the lowest level since July 2022.

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