Amid soaring interest rates on government bonds in Korea and the US, interest rates on commercial bank loans are also unstable. With interest rate volatility rising, end-users are confused as there are cases where the interest expense varies with a difference of a day or two between when they receive a loan or when they receive a loan. Because of this, it has become more important than ever for those seeking to receive cheonsei or mortgage loans to look at the market interest rate situation and obtain a loan on a day when interest rates are low.
According to banknotes on the 26th, Shinhan Bank’s interest rate for jeonse loans (based on one-year financial bonds) at the beginning of this month was 2.44%, but dropped to 2.36% on the 19th. After that, it rebounded and recorded 2.39% on the 26th. Similarly, even if you receive a charter loan in February, the interest rate varies by up to 0.08% point depending on the date of the loan. If a person borrows 100 million won from a jeonse loan, the interest expense differs up to 80,000 won per year. Shinhan Bank’s mortgage loan interest rate (COPIX’s new standard) was 2.40-3.65% earlier this month, but dropped to 2.35-3.60% on the 26th. Hana Bank’s mortgage interest rate (COPIX’s new standard) fell from 2.65 to 3.95% at the beginning of this month to 2.59 to 3.89% on the 26th, and the interest rate on credit loans (based on Hana One Q general loans) also fell from 2.77 to 3.37% to 2.71 to 3.31%. Fell to.
In recent years, the volatility of commercial bank loan interest rates has increased due to increased volatility in the bond market.
According to the Financial Investment Association on the 26th, the 10-year Korean Treasury Bond interest rate on this day recorded 1.960% per year, up 0.076 percentage points from the previous day. This is the highest level since March 2019. The 3-year treasury bond rate also rose by 0.025 percentage points from the previous day to 1.020% per year. The 20- and 30-year interest rates also rose by 0.041 percentage points and 0.051 percentage points, respectively, ending at 2.044% per year and 2.055% per year. The difference in interest rates for 3-year Treasury bonds and 10-year Treasury bonds widened to 0.94 percentage points, the highest since January 2011.
In particular, although the Bank of Korea announced plans to purchase government bonds worth 5 to 7 trillion won in the first half of this year, it failed to prevent the weakening of the Korean bond market due to rising global interest rates. On the 25th (local time), the 10-year US Treasury Bond yield soared to 1.61% during the intraday. It is the highest in a year since February of last year. The US 10-year Treasury bond rate soared 0.34 percentage points over the past two weeks.
The rise in interest rates for Korean and US bonds is due to the expectation that the US Federal Reserve will enter into an exit strategy that tightens money faster than market expectations as prices rebound in anticipation of an economic recovery. In Korea, interest rates are rising due to the possibility of issuing large-scale government bonds and additional budget for disaster support. The rise in market interest rates leads to higher interest rates on bank bonds, which in turn puts pressure on loan interest rates to rise.
Shinhan Bank’s chief economist at Shinhan Bank said, “Recently, Jerome Powell, chairman of the Federal Reserve System, emphasized maintaining the fiscal expansion policy, saying,’There is no fear of inflation,’ but the market’s attention is focused on the possibility of monetary policy changes after the end of the Corona 19 shock.” did. He added, “After the announcement of the large-scale economic stimulus plan by the Joe Biden administration, expectations for inflation are rising along with the surge in raw material prices, and as a result, there is widespread anxiety that it may enter into early tapering (reduction in asset purchases) in the second half of this year.” In addition, he added, “The bond market volatility is expanding in a similar manner to 2013 when the Fed mentioned tapering, and the overall pressure on the market interest rate rises.”
Regulations by financial authorities are also one of the factors that increase the volatility of loan interest rates. As the stock market was booming during the year-end and New Year’s holiday, the “debt investment” using credit loans surged. Accordingly, banks tightened the money line by eliminating various preferential interest rates and reducing the loan limit mainly for high-income professionals.
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