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Mortgage rates to fall in late 2022 but remain elevated

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Banks will not be able to refinance loans at more convenient interest rates until savings and investment recover, experts said.

of mortgage interest rate After hitting a 13-year high in November, 2022 ended with an average decline of 4.4%.

Experts predict more stability in 2023, Interest rates will not fall unless investment levels strengthen.

Mortgage rates averaged 4.4% at the end of last year, according to the central bank, though still a long way from the historic low of 2% recorded in 2019.

That took home loan rates away from a November record of 4.6% to their highest level since 2009, but The outlook for this year is still not auspicious.

This is part of an explanation by Álvaro Acosta, Corporate Finance Director at Open BBK, who attributes these levels to central bank monetary policy rates as a connecting factor, but more fundamentally teeth, Deterioration of capital markets.

Banks will not be able to issue loans at more convenient interest rates unless savings and investments recover, Acosta said.

The truth is that demand for this kind of credit and home buying is declining, but there are alternatives in the market when it comes to less accessible terms.

For example, the so-called “Mortgage Loans” on BancoEstado, For 20-year loans, we offer up to 80% financing with interest rates of up to 3.7%.

Actually this effort Extended until January 31st According to Marcelo Hilliart, manager of the institution’s savings and housing division.

The residential sector will end in 2022, Consumer finance interest rate rises from 23% to 28.1% , to the highest level since 2012.On the other hand, for commercial loans, on average 15.3%, the highest ever.

Source: Biobiochile

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