For the second half of this year, interest on mortgage loans is expected to decline, as long as the Central Reserve Bank (BCRP) keeps the reference rate low, detailed from Credicorp Capital.
“It is projected that the reference interest rate will reach close to 4% or 5% at the end of the year and that will depend a lot on the management of inflation in the coming months (of the BCRP). Added to the reserve regulations that the BCRP has given to banks, reducing it, which could have a positive effect on the reduction of interest rates, which would be adjusted towards the end of the year, in the second half“commented Numa León, executive director of Real Estate at Credicorp Capital Asset Management.
In that sense, León estimates that only by next year will mortgage interest rates return to pre-pandemic levels—close to 6%. Currently, the average is 8.92%, although the TCEA, which includes all the costs of a loan, ranges between 14.13% and 37.42%, according to the Superintendence of Banking, Insurance and AFP (SBS).
Thus, with the decline in interest rates, Credicorp hopes that “an additional boost will be given to home sales.”
Will the m2 price go down in Metropolitan Lima?
León projects that in the short term there will be a new increase in the prices of construction materials, and for that reason, the prices of new apartments would remain stable.
Currently, the interannual variation in material prices fell to 0%—after a peak of 16% in the pandemic—and with this, the average value of new apartments remains stable (between S/7,000 and S/7,500 ).
Source: Larepublica
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