May New COFIX Maintains Previous Month Level... 0.82%
[Asia Economy Reporter Sung Kiho] The COFIX (Cost of Funds Index), which serves as the benchmark for variable interest rates on mortgage loans in the banking sector, remained at the same level as the previous month.
According to the Korea Federation of Banks on the 15th, the COFIX based on new transaction amounts in May was 0.82%, unchanged from April.
COFIX is the weighted average interest rate of funds raised by eight domestic banks, reflecting changes in interest rates of deposit products such as actual deposits, savings, and bank bonds handled by banks.
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On the other hand, the COFIX based on outstanding balances in May was 1.02%, down 0.02 percentage points from April's 1.04%. The new balance-based COFIX recorded 0.81% in May, maintaining the same level as April's 0.81%.
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