Manya Rathore
Research expert covering India
Mortgages in South Korea - statistics & facts
Despite the Bank of Korea having frozen its base rate for the fourth consecutive time as of August 2023, interest rates for mortgages have continued to increase in the past year. Interest rates for fixed and floating mortgage loans have increased between 2020 and 2023. To curb the financial burden of increased rates on government bonds and securities, plans have been made to raise rates for long-term bogeumjari loans, designed to have fixed rates beneficial for potential first-time homeowners.
