The rise of the Selic, the basic interest rate, to 5.25% pulled an increase in the costs of real estate financing in banks, albeit timid. Despite this, experts point out that it is still favorable invest in own property as rates remain favorable.
According to data from the Central Bank (BC), the average interest rate in June was at 6.7% per year, while in May it was 6.64%. In January of this year, the index reached 7%.
Economist and professor at the University of Fortaleza (Unifor), Allisson Martins, explains that there was, yes, a slight increase, but it is still lower than in 2020, when the average was 7.17% per year, with the highest index being 7 .41%.
For the economist, this period is a “window of opportunity”, since the trend is for the Selic to show an increase in the coming months, driving a new high in real estate financing.
“Now is a good time for anyone who is in doubt about buying a property. The market is betting on increases of 7 to 7.5% that should make these interest rates more sensitive in the real estate markets and this rise will be quick”.
The advantage, according to Martins, becomes even greater given that changes in percentage points end up having a significant impact on the value of the debt installments.
“We’re seeing real estate interest rates start to go up, but slower than rates in general have been going up, so it’s a slower climb”, analyzes Filipe Pontual, executive director of the Brazilian Association of Real Estate Credit and Savings Entities (Abecip).
The executive director also considers that property prices are a little lower than they were in 2014, the year in which the country registered BRL 112.9 billion for the acquisition and construction of real estate.
In 2020, the value was a record with R$ 123.97 billion in real estate financing with resources from the books of the Brazilian Savings and Loan System (SBPE).
“Our expectation is for an increase for 2021 of 57% more than in 2020, that is, around R$ 193 billion”.
executive director of Abecip
In the first half of 2021, the financed amount has already totaled R$ 97.05 billion, an increase of 123.9% compared to the same period last year. Only in the month of June were registered BRL 19.66 billions.
As it is the basic interest rate in the country, the Selic is considered as a reference for other indices. “It is also called floor rate, as the floor goes up, banks have to recalibrate these interest rates”, points out the economist.
The rate hikes are movements by the BC in an attempt to curb inflation, which ends up having repercussions on market investments, as explained by Pontual.
“There was this Selic acceleration due to the expectation of slightly higher inflation, so it ends up also influencing longer rates, although, in practice, when economic agents realize that the Central Bank is being effective in controlling inflation, the rate will end up increasing a little bit”.
See how the rates are at the banks
In the Traditional Referential Rate (TR) modality, rates were from TR + 6.90% per year and were changed to from TR + 7.30% per year. In the savings mode, which was Poup + 3.95% pa, it was reduced to Poup + 2.99% pa
Bank of Brazil
Rates start at 6.55% pa + TR and vary according to customer profile, financing term and relationship with the Bank.
Federal Savings Bank
At Caixa, four types of credit contracting are offered. In the case of TR, interest rates start from TR + 7.00% pa; in the case of fixed interest, they vary between 8.25% pa and 9.75% pa; for the IPCA, it is from IPCA + 3.55% to IPCA + 4.95% pa
There is also the CAIXA Poupança Real Estate Credit, in which interest rates are composed of the variation of the CAIXA Savings index + fixed part that varies from 3.35% to 3.99% pa On the website, it is still possible to simulate the best financing for the profile of the consumer.
The bank only provides financing linked to the TR with an interest rate starting at 7.99% pa + TR, the amount, until July this year, was 6.99% pa The operations also have administrative fees and insurance costs mandatory.
At the beginning of this month, Itaú carried out an increase from 6.9% per year + TR to 7.3% per year + TR for new hires. On the other hand, it reduced the fixed rate with interest on savings from 3.95% per annum to 3.45%.