(MENAFN) Mortgage loan rate in South Korea tumbled to the lowest in 13 months, escalating doubts about rising household debts, as the Bank of Korea (BOK) cut its benchmark interest rate to a new record low.
According to the bank's latest data, rate for fresh home-backed loans extended by banks stood at an annualized rate of 2.89 percent last month, reflecting a 0.04 percentage points decrease from a month earlier.
Additionally, rates for overall household debts deteriorated 0.01 percentage point from a month earlier to 3.16 percent through the prior month, let alone it fell from 3.24 percent in March to 3.17 percent in April.
Rate for corporate loans was unchanged at 3.55pct in May from the former month, plus lending rate for big companies was unchanged at 3.27pct, with the rate for mid-sized firms slumping 0.02pct points to 3.71pct.
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