,South Korea
Seoul, South Korea

South Korean banks’ average mortgage rates hit three-year high: report

The 3.26% interest rate average is its highest since November 2018.

South Korean banks’ average interest rate on mortgage loans averaged 3.26% in October, up 0.25 percentage point from a month earlier, reports Yonhap, based on data released by the Bank of Korea.

This marks the highest since November 2018, when the corresponding rate was 3.28%.

The rise comes after the local government tightened lending rules in an attempt to reign in soaring household debt.

Banks' unsecured loan rate also rose to a two-year high, averaging 4.62% in October—0.47 percentage point higher than the preceding month and the highest since March 2019, when it reached 4.63%.

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