00:00if your mortgage payment just went up again you're not imagining things and it's not over yet
00:06cofix that's the index korean banks use to price variable mortgage rates climbed to 3.18
00:11in july on the new deposit basis that's up 0.13 percentage points from the month before
00:19this is the fourth month in a row it's risen and it's now at the highest level in a year
00:23and seven months since december of 2024 it's not just one measure either the balance-based cofix
00:31rose to three percent up point zero six percentage points the new balance-based cofix rose to two point
00:38six five percent up point one and one one percentage points here's what that means for your actual bank
00:44statement kb kookman bank's cofix linked variable mortgage rate jumps to a range of four point
00:50three eight to five point seven eight percent starting the 19th up from four point two five
00:56to five point six five percent before worry bank raised its upper bound by as much as point one
01:03three percentage points too let's look at this from four angles from a market perspective this is a
01:09funding cost story cofix reflects what it actually costs banks to raise money and that cost has been
01:15climbing steadily for four straight months from a policy perspective there's no new government
01:20intervention in this report no fresh regulation no rate cap nothing like that this is purely a
01:27market mechanism working through from a banking industry perspective banks are simply passing on
01:33higher funding costs one banking official quoted in the report expects cofix linked rates to keep
01:39climbing through the rest of the year given expectations of a policy rate hike but that's a
01:44forecast from one source not a confirmed fact from an everyday impact perspective if you have a
01:51cofix linked variable rate mortgage your interest payment is very likely going up again this cycle
01:58that's not speculation that's the mechanical result of the rate reset here's the line to take away
02:05cofix has now risen for four straight months and the people repeating that pattern into your mortgage bill
02:11are the banks not the government that's based on reporting by jong jiwon for the seoul economic daily
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