According to Yonhap News Agency, data released by the Bank of Korea on Tuesday showed that due to the rise in market interest rates, bank home mortgage rates have risen for the second consecutive month, reaching the highest level in two years and seven months. Data shows that the average interest rate for new loans from Korean banks last month was 4.31%, the average interest rate for corporate loans was 4.27%, the average interest rate for new household loans was 4.5%, the average interest rate for household mortgage loans in June was 4.36%, and the average interest rate for non mortgage household loans was 5.72%. The Bank of Korea stated that retail loan interest rates have continued to rise in recent months, and earlier this month, the Bank of Korea raised interest rates for the first time in three and a half years.
