Mortgages: Mortgage interest rates rose to 10%, the highest level in 13 years.

mortgage loans They have been rising in price since mid-2021, and they are now reaching an average of 10% per year, according to the Banking, Insurance and AFP (SBS) data.

This 10% means that mortgage loans they would reach the highest interest rate in 13 years, as there has not been a similar level since October 2009.

13 years ago, real estate loans began to decline, reaching a low of 5.8% at the beginning of 2021, but why is that?

Experts point out that the pace mortgage loans they increased because the central banks of Peru and the United States began raising base rates to dampen the impact of inflation. In Peru alone, BCR raised the rate from 0.25% in August 2021 to 7.75% in January 2023.

At the current level of inflation, it is expected that base rates will start to decline only in 2024, which will mean that loans will remain high this year and fall next.

Faced with this situation, UPC finance professor Jorge Luis Ojeda noted that these high rates should not scare families who want to buy their first home. living place.

“While the stakes are high now, this will not last forever. When the rate falls, the client will have the opportunity to apply for the purchase of his loan to another financial institution that charges a lower fee; or he can renegotiate his rate so that he can continue working at the same bank,” he told the Gestión newspaper.

Experts also note that banks offer the most favorable interest rates on loans, since savings banks and financial companies offer higher rates.

According to the SSB, municipal savings banks have a rate of 13.7% for mortgage loanswhile rural savings banks average 14.9% and financial ones have an interest rate of 11%.

As far as banks are concerned, interest rate averages 10%, but in some cases reaches 9%. For example, in Banco BNG it is 9%, in Banco de Comercio 9.3%, in Scotiabank 9.5%, in Interbank 9.7%, in BCP 9.7%, in BBVA 9.8%, in Banco Pichincha 10.4% and BIF 10.9%.