This year, as banks continue to raise interest rates on loans, the market interest rate is also on the rise. Since the market interest rate directly affects the interest rate of loans, there is a concern that the interest burden on borrowers of `Young Kul (loan by bringing the soul together)` and `debt investment (invest in the stock market through debt)` will increase.
According to the financial sector on the 7th, NH Nonghyup Bank decided to lower the preferential interest rate for mortgage loans by up to 0.3% from the 8th. First, the Nonghyup Bank deleted the first 0.2% preferential interest rate for new customers from the policy preferential interest rate category. In addition, the preferential rate for short-term variable interest rates (1 year or less) was lowered from 0.2 percentage points to 0.1 percentage points. As a result, the interest rate for those who tried to receive a short-term variable interest rate for the first time at Nonghyup Bank will increase the interest rate by 0.3 percentage points. That means that the interest burden increases.
In addition, the Nonghyup Bank announced that from the same day, the preferential interest rate for jeonse loans will be increased by 0.1 percentage point. The maximum preferential interest rate, which is currently 0.9% point, rises to 1% point.
From the 5th, Shinhan Bank lowered the preferential interest rate for jeonse loans and jeonse loans by 0.2 percentage points, increasing the perceived interest rate. It is a willingness to allocate more resources to mid-term loans such as self-employed people rather than household loans in accordance with the financial authorities’ loan regulations.
As of the end of February, the balance of the five major banks, including KB Kookmin, Shinhan, Hana, Woori, and Nonghyup, was 480 trillion 125.8 billion won, an increase of 3,756.9 billion won from the end of January (476,3689 billion won). Considering that the total household loans increased by KRW 3,7976 billion during the same period, most of the loan increase came from the head office.
In order to comply with the financial authorities’ lending regulations, commercial banks have no choice but to raise interest rates. As a result, some banks, which had recently seen a large increase in the number of entrants, took the lead and raised the lending rate.
The problem is the recent surge in market interest rates due to inflation pressure at home and abroad. An official from the financial sector said, “Inflation pressure is strong as both domestic prices, as well as import prices such as oil prices, have jumped sharply in recent years,” he said. “As a result, the rate of increase in interest rates for US and domestic government bonds is also accelerating.”
In the United States, interest rates on government bonds have skyrocketed recently as Jerome Powell, chairman of the Fed, acknowledged inflation to some extent and did not come up with measures to stabilize interest rates.
Reflecting this, the 10-year Korean Treasury Bond interest rate also surged, exceeding 2% at one point in the morning of the 5th. It is the first time in two years since March 12, 2019 that the 10-year interest rate has exceeded 2% per year. The 10-year Treasury Bond interest rate serves as a leading indicator of household loan interest rates, such as the main bill. If interest rates continue to rise, there is a high possibility that banks will further raise their lending rates in the future.
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