New Mortgage Loans Soar with 3% Interest Rates... Credit Loan Rates Also Reach 3%

Internet Banks' Mortgage Loan Rates at 3% Significantly Increase
3% Interest Rate Personal Loans Reappear at Commercial Banks

The proportion of new household loans with interest rates in the 3% range is rapidly increasing. Mortgage loans with interest rates in the 3% range have significantly increased, mainly through internet banks, and 3% range unsecured loans, which had disappeared for some time, have begun to reappear in commercial banks.

According to the 'Proportion of Loans by Interest Rate Range' disclosed by the Korea Federation of Banks on the 28th, most of the new mortgage loans issued by internet banks in April were in the 3% interest rate range. KakaoBank had 82.7%, and K Bank had 75.8% concentrated in the 3.5% to 4% interest rate range.

A KakaoBank official explained, "The average interest rate for new mortgage loans issued last month was 3.85%," adding, "Refinancing demand is increasing, and among all new mortgage loan customers in April, 59% were refinancing customers." This interest rate level continues into May. As of the 23rd, KakaoBank's lowest mortgage loan interest rate is 3.676% for variable rates and 3.59% for fixed rates.

Unsecured loans with interest rates in the 3% range, which had disappeared since the second half of last year, have also reappeared. As of April, the proportion of unsecured loans with 3% interest rates among all unsecured loans at KB Kookmin Bank was 3.5%. At Hana Bank, it was 1.10%. A commercial bank official said, "The COFIX (Cost of Funds Index), which serves as the benchmark for bank loan interest rates, and bank bond yields have fallen, leading to a downward adjustment."

Meanwhile, a one-stop refinancing loan service will begin on the 31st. Toss, Finda, Naver Financial, KakaoPay, and BankSalad, which previously provided loan interest rate comparison services, will offer this service. The key point is to go one step beyond the existing interest rate comparison by allowing customers to select cheaper products from other banks and switch immediately on the spot.