Thus, the interest rates of mortgage loans For the acquisition of premiere departments accentuate so far from 2025 the declining trend they exhibited in the two preceding years, after touching a peak of almost 10% at the beginning of 2023.
This decrease- which facilitates the people to qualify a loan because its share is reduced by the lowest financial cost- was also notorious last year, and thus between September and December the average rate of mortgages in soles went from 8.43% to 8.21%.
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But as far as 2025, that rate fell more pronounced, from 8.21% to 7.74%, or at almost half a percentage point, said Fernando Muñiz, head of the prescriber business of BBVA Peru.
Until 2024 the rates for housing financing were reduced following the bias of the “risk -free” rates, that is, that of the Central Reserve bank of Peru (BCRP) And that of the country’s sovereign bond, he said. But he said that once they stopped their decrease -the first, since January of this year, and the second, since October 2024 -a new variable appeared to accentuate the recoil of the cost of mortgages in Peru: the greatest competition between banks in this market.
Lower financial cost allows further access to families to housing financing.
The interest rate of Mortgage credits He remained almost stable in the last quarter of 2024, but deepened his drop in the 2025 course for the intensification of bank competition. Muñiz emphasized.
This bid between banks is reflected, for example, in the increase in debt purchases or operations with which customers transfer their mortgage from a financial entity to another by receiving the offer that a lower rate will be charged, he explained.
In this way, now the Buying debt represents the fourth part of the balance of the mortgage loans that are disbursed, and reflect “An efficient market in which the banks of banks are compressed, which benefits the client”according to the Executive.
This transfer of debts assumed to finance housing is a very easy process in the country, and under such conditions there is a ‘repricing’ (fixation of final rates to the public) very accelerated in the mortgage loans that responds to the growing competition, he added.
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After this situation, the banker estimated that the rest of the year the mortgage rates would show stability, if, as expected, the “risk -free rates” remain around their current levels. Although he acknowledged that projecting the evolution of these variables is complex in the midst of volatility by the global commercial war.
Even in the hypothesis of a recession in the US Fed Topy its rate, which would result in an additional decrease in interest rates in Peru, complemented.
In the current domestic scenario, in which favorable conditions of financing, recovery of domestic demand and investment and employment in particular converge, there is optimism in people to acquire housing through mortgage loans, which is corroborated in the greatest dynamism of these disbursements until April, both on the side of BBVA and the financial market together, Muñiz said.
Banks observe greater optimism of people by deciding to finance the purchase of housing.
In the first quarter, the balance of mortgages in the financial system increased 5.5% year-on-year-according to BCRP data-but the Executive estimates that these loans will grow around 9% in 2025.
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The middle class, mainly dependent workers, leads the demand for mortgage loans, which, on average, are taken within 20 years.
Regarding the impact of the proximity of the general elections, Muñiz said that although companies can postpone investments, it is not anticipated that the same happens in mortgages for new housing acquisition, as families make this decision according to their need.
But if political uncertainty is of such a degree that recession or unemployment originates in the country, the mortgage brake will be inevitable, he admitted.
