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According to the academic from the University of Valparaíso, Diego del Barrio, the situation is different if you want the property for investment or housing purposes.
The Central Bank reported on Thursday the average interest rates of mortgage loans between April 16 and 23.
According to what was reported by the issuing entity, the value of these is at one-year highs, registering a commission of 2.97%, its highest value since the week of May 7, 2019, when 3 , 02%.
In this way, the rates for housing loans completed their sixth consecutive week on the rise and continue to move away from the historical low reached in the first days of December, when these stood at an average of 1.91%.
“With the Covid-19 pandemic they have continued to increase due to the uncertainty that this factor generates in the economy; since it is not known for sure how long this problem will last or when a vaccine will be discovered. So, all this generates uncertainty and the market sees a greater risk. Quarantines and confinements affect economic activity and cause higher unemployment and less liquidity. For this reason, banks assume the greatest risk of default on long-term payments by raising rates, “explains the director of the School of Public Administration of the University of Valparaíso, Diego del Barrio.
| Week | Average Rate mortgage credits |
| March 16 – 23 | 2.64% |
| March 24 – 31 | 2.70% |
| April 17th | 2.73% |
| April 8 – 15 | 2.81% |
| April 16 – 23 | 2.97% |
Fuente: Banco Central
The question to be asked now is whether or not it is advisable to take out a mortgage loan, considering the period of health and economic crisis facing the country.
According to del Barrio, the decision will depend on the use of the property to be acquired with the resources provided by the respective financial institution.
“If we are investors with liquidity, it is still a good time to buy. Although rates have been increasing since last October to date, they are still lower than a year or two ago. In addition, real estate and Construction companies, having low demand, most likely will lower their prices or deliver some promotions to achieve faster sales, in order to obtain liquidity in their cash flows, “says the U. Valparaíso.
Different is the panorama, he indicates, if the case is to adopt a credit to acquire a home.
“If it is the case of a family seeking to acquire a home for housing purposes, it is not the best time to get into debt in the long term. This is because the labor market is currently very unstable and banks are protecting themselves a lot from the risk of non-payment, for which they are asking for greater requirements from those who opt for this type of loan, “he points out.
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