Variable mortgage loan interest rates rise... 'KOFIX' rebounds after one month
The COFIX Based on New Handling Amount Rises 0.03 Percentage Points to 0.90% Compared to Previous Month
[Asia Economy Reporter Park Sun-mi] The newly issued amount-based index of the Cost of Funds Index (COFIX), which serves as the benchmark for variable interest rates on mortgage loans in the banking sector, has risen. As financial authorities tighten credit loans in the banking sector, the rebound of COFIX has created room for mortgage loan interest rates to increase further.
According to the Korea Federation of Banks on the 15th, the newly issued amount-based COFIX last month was 0.90%, up 0.03 percentage points from the previous month. This is the highest since May when it recorded 1.06%.
On the other hand, the outstanding balance-based COFIX fell 0.04 percentage points from the previous month to 1.21%, and the new outstanding balance-based COFIX recorded 0.96%, down 0.04 percentage points from the previous month.
The outstanding balance-based and new outstanding balance-based COFIX generally reflect market interest rate changes gradually, but the newly issued amount-based COFIX is calculated based on funds newly raised during the month, so it tends to reflect market interest rate changes more quickly.
COFIX is the weighted average interest rate of funds raised by eight domestic banks, and it rises or falls when the interest rates of deposit products such as actual deposits, savings, and bank bonds handled by banks increase or decrease.
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Kookmin Bank will apply the newly issued amount-based COFIX-linked mortgage loan interest rate from the 16th of this month, adjusting it from an annual rate of 2.76?3.96% to 2.79?3.99%, and the new outstanding balance-based COFIX-linked mortgage loan interest rate from 2.81?4.01% to 2.77?3.97%. Woori Bank will adjust the newly issued amount-based COFIX-linked mortgage loan interest rate from 2.73?3.83% to 2.76?3.86%, and the new outstanding balance-based COFIX-linked mortgage loan interest rate from 2.86?3.96% to 2.82?3.92%.
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