The main banks operating in Mexico prevent that during the first quarter of 2023 Mortgage rates register a new increaseconsequence of the monetary policy maintained by Banco de México to control the high ranges of inflation.
During the discussion table “Panorama of mortgage loans in Mexico in 2023”, organized by the specialized firm SOC, HSBC’s executive director of mortgage credit, Enrique Margain, He said that the new rate adjustment will keep this bank product above 10% on average; Nevertheless, this will not affect the placement of credit for users who are about to acquire a home.
“The interest rate will not be an element to prevent housing displacement or to continue placing mortgage loans,” said the specialist.
According to experts, The main challenge is the impact that the current inflation environment has had on household financeswhich forces them to increase their degree of indebtedness.
“In Mexico you don’t see a recession scenario, but you do see high inflation, which impacts the pockets of families, with which they have less liquidity, they are getting a little more in debt and that is going to pose a challenge in the coming months,” explained Scotiabank’s vice president of mortgage credit, Paulina Prieto.
“Interest rates still allow you to buy a home.” In the opinion of Citibanamex’s executive director of mortgage credit, Gonzalo Palafox, the current dynamics of interest rates still allows Mexicans to acquire a home, in addition to the fact that in the past there have been higher interest rates on this financial product.
“You shouldn’t worry about that.. It is not going to take us to levels where it affects the purchase decision or that affects the lack of profile of the sector or that limits the growth that we have had in recent years. We were used to very low rates in recent years and banks absorb a lot of the cost of credit,” he explained.
In the consensus of specialists, currently Mortgage loan delinquency remains low and problems of over-indebtedness on the part of clients are ruled out.
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