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September saw persistent demand for new mortgage loans despite a long holiday and various financial regulations. September saw persistent demand for new mortgage loans despite a long holiday and various financial regulations. While overall household loan balances have slowed, housing-related mortgage loans remain robust, particularly in the capital area. As such, the Bank of Korea (BOK) faces increasing pressure regarding its upcoming decision on whether to cut the base interest rate. 1. Mortgage Loan Trends in September In September, despite the Chuseok holiday, demand for new mortgage loans in Seoul and the surrounding metropolitan area remained strong. The five major banks reported a total of 7.8 trillion won in new housing-related mortgage loans as of September 26th, with a daily average of 3.41 trillion won. This represents only a 5% decline from August's record-high levels, indicating sustained high loan demand. Given the nature of housing purchases, many buyers had already s...

The Bank of Korea is grappling with the dilemma of lowering interest rates while dealing with rising household debt and sluggish domestic demand. The Bank of Korea is grappling with the dilemma of lowering interest rates while dealing with rising household debt and sluggish domestic demand. With increasing calls for rate cuts, influenced by potential actions from the U.S. Federal Reserve, the central bank faces challenges in balancing economic recovery with financial stability. The Bank of Korea is considering interest rate cuts amid the challenges of sluggish domestic demand and rising household debt. With the possibility of a rate cut at the upcoming monetary policy committee meeting next month, the central bank is seeking to address these issues. While inflation is stabilizing and economic conditions seem to warrant a rate cut, household debt remains a significant obstacle. Recent inflation has stabilized around the Bank of Korea’s target of 2%, but GDP growth for the second quarter...

In the second week of August, apartment prices in Seoul rose by an average of 0.32%, marking the largest increase in nearly six years and eleven months. In the second week of August, apartment prices in Seoul rose by an average of 0.32%, marking the largest increase in nearly six years and eleven months. According to the Korea Real Estate Agency, as of August 12, the average selling price of apartments in Seoul increased by 0.32%, continuing a 21-week upward trend. This represents a 0.06 percentage point increase compared to the previous week (0.26%). This is the highest rate of increase since the second week of September 2018 (0.45%). In the second quarter of this year, household debt (household credit) increased again, setting a new record for the highest amount ever. This surge is attributed to the expectations of a drop in interest rates and rising housing prices, leading to a significant increase in household loans, especially mortgages. According to the Bank of Korea's '2...

Recently, discussions have intensified among South Korean economic experts regarding the timing of the Bank of Korea's interest rate cuts Recently, discussions have intensified among South Korean economic experts regarding the timing of the Bank of Korea's interest rate cuts. According to a survey conducted by the Hankyung Economist Club, the majority of experts expect the first rate cut to occur in October, with the base rate potentially dropping into the 2% range by the first half of next year. In this blog post, we will analyze the background of these rate cut forecasts and their implications. The Bank of Korea's interest rate policy has a significant impact on the overall economy. In a recent survey conducted by the Hankyung Economist Club, economic experts indicated that the Bank of Korea is likely to implement its first interest rate cut in October. Out of the 20 experts surveyed, 15 predicted a rate cut in October, while two anticipated it in November, and one expect...

the benchmark interest rate The Bank of Korea's Monetary Policy Committee is scheduled to meet on August 22 to decide on the benchmark interest rate. While the market anticipates the 13th consecutive rate freeze, considering the U.S.'s potential rate cut and domestic economic conditions, there is a growing argument for the necessity of a rate cut. This blog will explore the background and prospects of the Bank of Korea's interest rate decision. The Bank of Korea's Monetary Policy Committee will convene on August 22 to decide on the benchmark interest rate. Currently, the market expects the Bank of Korea to maintain the rate at the current 3.5%. If another freeze is decided, it will mark the 13th consecutive rate freeze, setting a record for the longest duration. Last month, the consumer price index (CPI) rose by 2.4% year-on-year, showing a downward trend, and the expected inflation rate also fell to the 2% range for the first time in two years and four months. This ca...