In the banking sector, it is predicted that the upper end of the fixed loan interest rate will enter the 8% range by the end of this year.



Due to domestic and foreign inflation and concerns about monetary tightening, the fixed rate on home mortgage loans has already jumped more than 2 percentage points to exceed 7% this year. Because it is expected to increase by 1.00 percentage points more.



If the interest rate on a home mortgage loan reaches 8%, it will be the first time since the 2008 financial crisis.



As of the 17th, the interest rates on the mixed (fixed-type) mortgage loans of the four major banks, KB Kookmin, Shinhan, Hana, and Woori Bank, stood at 4.330-7.140% per annum, compared to the end of last year (3.600-4.978%) for about six months this year. The top jumped 2.161 percentage points.



Interest rates on fixed-term loans, which exceed this high of 7%, are likely to rise further by the end of the year.



This is because the Monetary Policy Committee of the BOK is expected to raise the base rate by 1.00% to 1.25% points in total four times in a row (July, August, October and November) by the end of the year.



However, since most borrowers receive at least some preferential rates from their main bank, the actual interest rate experienced by all borrowers does not reach 8% within this year.



Compared to the fixed rate, which rose by more than 2 percentage points in half a year, variable interest rates and credit loans increased by up to 0.79 percentage points in half a year.



The variable interest rate for mortgage loans (linked to new Cofix) is currently 3.690-5.681% per annum, compared to the end of last year (3.710-5.070%), and the upper end has risen by 0.611 percentage points in half a year.



For credit loans, an interest rate of 3.771 to 5.510% (grade 1, one year) is applied, and compared to the end of December last year (3.500 to 4.720%), the lower end rose by 0.271 percentage points and the upper end by 0.790 percentage points.



(Photo = Yonhap News)

Keywords: