COFIX Rises 0.14%P... Variable Interest Rates on Mortgage Loans Increase
[Asia Economy Reporter Kiho Sung] The COFIX (Cost of Funds Index), which banks use as a benchmark to calculate variable-rate mortgage loan interest rates, has risen by 0.14 percentage points in just one month. Accordingly, mortgage loan interest rates are expected to increase starting tomorrow.
According to the Korea Federation of Banks on the 15th, the COFIX based on new transaction amounts in September was 1.16%, up 0.14 percentage points from the previous month. The COFIX based on new transaction amounts has been on a steady rise since February this year (0.83%).
The COFIX based on outstanding balances and the new outstanding balance COFIX also increased. In September alone, the COFIX based on outstanding balances rose 0.03 percentage points to 1.07% compared to the previous month, while the new outstanding balance COFIX (as of the end of September) recorded 0.85%, up 0.02 percentage points from the previous month.
COFIX refers to the weighted average interest rate of funds raised by eight domestic banks.
Products included in COFIX are time deposits, installment savings, mutual installment savings, housing installment savings, negotiable certificates of deposit, repurchase agreements, commercial paper issuance, and financial bonds (excluding subordinated bonds and convertible bonds). The new outstanding balance COFIX additionally includes other deposits, other borrowings, and settlement funds.
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The Korea Federation of Banks stated, "While the COFIX based on outstanding balances and the new outstanding balance COFIX generally reflect market interest rate changes gradually, the COFIX based on new transaction amounts is calculated based on funds newly raised during the month, so it tends to reflect market interest rate changes more quickly. Therefore, when taking out a COFIX-linked loan, it is necessary to fully understand these characteristics of COFIX and carefully choose loan products."
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