The increase in the monetary policy rate of the Banco de la Repúblicawhich has been applied since September 2021 to try to control inflation, finally it began to be transmitted to housing creditone of the modalities that takes longer to react to these movements.
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Although since February there have been some small increases in the rates at which financial entities place resources for the purchase of housing in pesos, in April, as far as there are figures (see graph), almost all banks had risen between 8 basic points ( 0.08 percentage points) and up to 598 points (5.98 percentage points) in the last year in the Social Interest Housing (VIS) modality, so making an average is not indicative.
On the other hand, in the modality other than VIS, the increases in the last year, with a cutoff to April, range from 1 basic point (0.01 percentage points) to 633 points (6.33 percentage points), according to the figures from the Financial Superintendence.
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In a presentation by Asobancaria in April, it was recognized that the interest rates of credits in the commercial and consumer modalities, there was a little lag in credit cards, housing and microcredit.
The transmission of the Issuer’s monetary policy goes first to the interbank rate, the IBR, the DTF and the TES, the latter also due to external factors.
In a second stage they go to the different modalities, but not to all of them with the same speed, because for commercial credit it is a little faster and in consumption and housing it takes a little longersince an important part is at a fixed rate.
In Asobancaria’s presentation it was mentioned that households, after the UPAC crisis, preferred to acquire housing with fixed-rate loans.
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A recent study by the TransUnion credit bureau says that new home loans were, in February, 7% above the levels of February 2020, and also, at the end of the first quarter, most of the main loan products saw a year-over-year improvement in delinquencies. “Credit cards, free investment loans and housing loans showed the greatest decreases in relation to the first quarter of 2021, with delinquency rates at the balance level for the first quarter of 2022 of 5.6%, 4 .9% and 5.3%, respectively”.
According to TransUnion, the change in serious delinquencies at the balance level (in basis points) in housing loans registered a fall of 127 basis points in the first quarter of 2022 compared to the same period in 2021.
For his part, Edgar Jiménez, from the Financial Laboratory of the Jorge Tadeo Lozano University, monetary policy impacts the entire economy, “but housing is one of the last to react to interest rates.” The academic emphasizes that monetary policy is definitely to slow down the pace of the economy with the aim of curbing inflation and that includes housing.
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