Cofix as of December 2020. /Data = Bank Federation
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[한국금융신문 김경찬 기자] Cofix (COFIX, financing cost index), which is the standard for banking fluctuating-rate home mortgage loans, showed the same level as the previous month. Balance standards and new balance standards declined for 13 consecutive months.
The Federation of Banks announced on the 15th that as of December 2020, the COPIX based on the new treatment amount was 0.90%, the same as the previous month. From the 18th, customers who received a home mortgage loan at a variable interest rate will be subject to the change standard of Cofix.
In addition, the balance-based co-fix as of December fell 0.04%p from the previous month to 1.17%, and the new balance-based co-fix fell 0.03%p from the previous month, recording a decline for 13 consecutive months.
COPIX is a weighted average interest rate of funds raised by eight domestic banks, including Nonghyup, Shinhan, Woori, SC Cheil, Hana, Enterprise, Kookmin, and Citibank. When an increase or decrease is made, it rises or falls by reflecting it.
Co-fixes based on the new amount of treatment and co-fixes based on the balance included periodic deposits, periodic installments, mutual installments, housing installments, transferable deposit certificates, repurchase conditional bond sales, cover note sales, and financial bonds. The new balance-based COPIX includes additional deposits, other borrowings, and settlement funds in the products subject to COPIX above.
In the case of COPIX based on the amount of new treatment, the fluctuations in the market interest rate are reflected relatively quickly as it is calculated for the newly raised funds during the month. In contrast, in balance-based co-fixes and new balance-based co-fixes, fluctuations in market interest rates are generally reflected gradually.
If you want to receive a cofix-linked loan, you need to carefully select a loan product after understanding the characteristics of Cofix.
Cofix trend over the past year. /Data = Bank Federation
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Reporter Kim Kyung-chan [email protected]