ヤクルト・石川雅規が引退会見 「25年間、楽しいことがほとんど」

In the recent period, the popularity of fixed-rate mortgage products, known as 보금자리론, has been declining sharply. This decline occurred after the Bank of Korea raised the benchmark interest rate for two consecutive months in August. The fixed-rate mortgages, which are long-term (up to 50 years), fixed-rate, and installment repayment housing loans, have seen a significant drop in new sales.

According to the Korea Housing Finance Corporation, the sales of 보금자리론 in July fell by 25.4% compared to June, reaching a total of 1.617 trillion won. This marks the lowest level in 13 months since June 2022, when the sales were at 1.5714 trillion won. The monthly sales of 보금자리론 peaked in February 2023 with 2.5675 trillion won, but have since been gradually decreasing.

The total supply amount remaining for 보금자리론 as of the end of July was 115.8431 trillion won. The primary reason for the decreasing sales is believed to be the lower interest rates offered by commercial banks, which have made the fixed-rate mortgages less attractive. The Housing Finance Corporation has raised the fixed-rate interest five times this year, resulting in an annual interest rate ranging from 4.90% (10-year term) to 5.20% (50-year term) for 보금자리론.

This increase in the interest rate of 보금자리론 has made it more expensive compared to the variable-rate loans offered by the top five banks (KB KEB, Shinhan, Hanjin, Woori, and NH Shinhan). In May, the lowest applicable interest rate for u보금자리론, which is disbursed through the Housing Finance Corporation's "u" product, was 3.75% in December 2022. However, it rose to 5.0% in July, the highest level since July 2012.

The high fixed-rate interest rates have led to a shift in demand towards variable-rate mortgage products, as these are now more competitive due to the rising interest rates in the market. As of July, the share of fixed-rate housing loans from commercial banks was at 31.9%, the lowest level in 12 years since February 2014. The government-backed 5-year bond yields, as well as the interest rates on housing finance corporation's MBS, determine the fixed-rate interest for 보금자리론.

The Housing Finance Corporation stated that the decrease in loan demand is partly due to the impact of rising interest rates. Even if the fixed-rate interest rates are competitive, a high absolute interest rate level can lead to higher repayment burdens, which may result in a decrease in demand.