What is the outlook for mortgage credit for 2023? Marginal increases in the rate in the first part of the year and without impact on the placement

Despite the pressure for inflation and the decline in trust home buyersthe market of mortgage credit remains optimistic about the challenges that will arise in 2023, since the interest rates This type of financing would ease the pressure as the year progresses.

Currently, banks offer a interest rate intermediate for the mortgage credits 10.2%; however, specialists in the banking sector still expect marginal growth in the first months of the year and the adjustments will gradually be downward.

“The interest rate it could have an additional adjustment in the first part of 2023, but the prospects are that, as inflation decreases, there may be a reduction in the last months”, commented Enrique Margain Pitman, executive director of mortgage credit at HSBC.

Despite the fact that Margain Pitman remarked that nobody can guarantee the exact levels that the interest rates in the future, he affirmed that they will not be an element to avoid the displacement of housing this year.

Related Post

Ford, GM, Arm, Adobe, Nucor, KeyCorp, and More Stock Market Movers

September 15, 2023

Ford, GM, Nvidia, AMC, Norwegian, HP Inc., Delta, and More Stock Market Movers

September 14, 2023

Some Chinese Stocks Are a Real Bargain Now. Alibaba Is One of Them.

September 13, 2023

C3.ai, Apple, GameStop, UiPath, ChargePoint, Yext, BlackBerry, and More Market Movers

September 7, 2023

In this sense, Gonzalo Palafox, executive director of mortgage credit in Citibanamex, agreed that the increases in interest rates they will not reach levels that affect the purchase decision or limit the growth of the market.

“It is a very competitive sector, where all the banks have good offers. Although the interest rate it is the most visible, it is not necessarily the most relevant… What is relevant is how much I am going to pay (monthly), if that payment will be within my capacity and will not affect me over time, if the payment during my life of the credit is going to have change”, pointed out Palafox.

In this regard, Eduardo Reyes, Deputy General Director of Product Development at Banorte, indicated: “An increase of 50 basis (points) in the bowl that we offer is equivalent to 3% more in the amount of the monthly payment of a mortgage creditthat is to say, for 1 million pesos, the client would pay 300 pesos more, something that is affordable”.

Is it a good time to buy a home?

When asked if it is a good time to buy a house through a mortgage creditMargain shared that the economic landscape of each individual must be taken into account.

“We always say yes, but you have to see it in a context in which the rates They have gone up and this affects the monthly payments. There has to be a reasoned and responsible decision based on the economy of each person and their time in life, ”he commented.

It is worth mentioning that, in 2021, commercial banks granted 155,000 mortgage credits (with a large proportion of mortgage portability); In 2022, even without official data, it is estimated that the placement was 153,000 financings. By 2023, the sector expects to deliver up to 156,000 mortgages, according to the HSBC executive

In addition, the participation of banks in the sector has grown based on the average ticket of the creditswhich is close to 2 million pesos.

However, Margain mentioned that banks have pending, such as boosting the market through increasing payment schemes, term increases and other adjustments in mortgage products to give greater accessibility to housing.