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Mortgage interest rates have stopped rising after almost two years

Mortgage rates hit a low of 5.87% in June. | Fountain: Andean

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Mortgage growth is starting to stabilize and is currently at 9.86%, according to the Banking, Insurance and AFP.SBS).

Only until February, the mortgage rate reached 10.10%, the highest level in 10 years.

This mortgage value has already been rising for 20 months, but why is this growth slowing down?

After the pandemic in June 2021 interest rate mortgage loans reached a minimum level of 5.87%, but then began to grow due to an increase in the reference rate of the Central Reserve Bank (CRB).

Now, for three consecutive months, the BCR has paused that monetary policy. In addition, there is a decrease in the yield of Peruvian sovereign bonds.

Another reason holding back rate hikes is that US Treasury yields USA decreases after 10 years, and this has an impact on local sovereigns, which are the instruments used as a benchmark for determining the cost of long-term financing.

For specialists, this stability of interest rates on mortgage loans will remain at least during the first semester, that is, until June.

With the increase in rates reported since 2021, the number of mortgage loans placed has decreased, but these placements are now recovering.

According to the Central Reserve Bank, mortgage loans disbursed in the first two months of 2023 total 4,308 loans, down from 5,967 approved loans.

Source: RPP

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