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Mortgage Loan If you borrow money from a bank at a variable rate, interest will rise again from today (16th).
The Cofix index, the benchmark for floating rate loans, has risen to its highest level in nearly a decade.
Correspondent Jo Ki-ho.
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Cofix, the standard for variable rate mortgages, has risen again.
Based on newly issued loans in August, Cofix rose 0.06 percentage points to 2.96% from 2.9% in July.
This is the highest figure in 9 years and 7 months since January 2013.
Copix is an index that quantifies how much money 8 domestic banks spent to finance loans.
As the base rate set by the Bank of Korea continues to rise, it is interpreted as meaning that banks have to pay more interest to find money.
New cofixes are up almost 2 percentage points in a year from 1.02% in September last year.
Cofix, based on the balance of all loans including existing loans, also increased by 0.2 percentage points from 2.05% to 2.25%.
Commercial banks will reflect the new Cofix in the floating rate from today.
When you get a new floating rate loan from a bank, the top rate a year ago was 4.5%, now it's over 6.1%.
The base rate is expected to rise by at least 0.5 percentage points later this year, so the situation is likely to continue, with Cofix rising accordingly, which in turn stimulates lending rates.