April KOFIX Falls Again... Down 0.12%p to 3.44%
The COFIX (Cost of Funds Index), which serves as the benchmark for variable interest rates on mortgage loans in the banking sector, has turned downward again after one month.
The Korea Federation of Banks announced on the 15th that the COFIX based on new loan amounts for April was recorded at 3.44%, down 0.12 percentage points from the previous month.
The COFIX based on new loan amounts had continuously declined from December last year through February this year, then shifted to a slight increase (0.03 percentage points) in March, but has returned to a downward trend after just one month.
Meanwhile, the COFIX based on outstanding loan balances rose by 0.02 percentage points to 3.73%, and the COFIX based on new outstanding balances increased by 0.01 percentage points to 3.09%.
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COFIX is the weighted average interest rate of funds raised by eight domestic banks. It reflects changes in interest rates of deposit products such as actual savings, time deposits, and bank bonds handled by banks. When COFIX falls, it means banks can secure funds by paying less interest, and when COFIX rises, it means the opposite.
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