Insurance Companies Increase Mortgage Rates Despite Falling Market Rates
Despite a recent reduction in market interest rates due to the Federal Reserve's significant rate cut, major insurance companies in South Korea have increased their mortgage rates over the past month. Despite a recent reduction in market interest rates due to the Federal Reserve's significant rate cut, major insurance companies in South Korea have increased their mortgage rates over the past month. This shift has raised concerns about the impact on borrowers, particularly as many are moving from bank loans to non-bank financial institutions. According to the Life and Non-Life Insurance Association, the mortgage rates for housing loans from twelve major insurance companies have risen this month. Notably, Samsung Life Insurance and Samsung Fire & Marine Insurance now offer the lowest fixed mortgage rates, which are 3.79–5.24% and 3.9–5.74%, respectively. These rates reflect an increase of approximately 0.2 percentage points from last month. For variable-rate mortgages, Samsu...