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| ▲ This undated file photo shows a notice of mortgage loan rates at a local bank in Seoul. (Yonhap) |
banks-mortgage rates
Benchmark rate for banks' mortgage loans up for 4th month in Dec.
SEOUL, Jan. 15 (Yonhap) -- The benchmark rate for banks' mortgage rates increased for a fourth consecutive month in December, data showed Thursday.
COFIX, or the Cost of Funds Index, a benchmark lending rate for mortgage loans, came to 2.89 percent last month, up 0.08 percentage point from the previous month, according to the data from the Korea Federation of Banks.
COFIX is calculated based on the funding costs of eight domestic banks in South Korea. They include Nonghyup Bank, Shinhan Bank, Woori Bank and Citibank Korea.
Earlier in the day, the Bank of Korea (BOK) kept its benchmark interest rate unchanged at 2.5 percent to safeguard financial stability amid a weakened local currency.
It marked the fifth straight on-hold decision.
The BOK has cut the key rate by a cumulative 100 basis points to 2.5 percent since October 2024 in an apparent move to support economic growth.
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