Banks increase mortgage interest rates; see rates

The new highs in the basic interest rate (Selic) are already reflected in real estate credit, making the dream of home ownership more expensive for Brazilians. After yet another increase in the Selic rate, now at 5.25% per year, some banks have readjusted the rates charged on this loan line in recent days.

“Whenever there is an increase in the basic interest rate, the Selic, the rates charged on real estate financing must accompany this increase,” said Johnny Mendes, professor of economics at Faap (Fundação Armando Alvares Penteado).

Itaú Unibanco, for example, made changes as of August 5 in its rates for new mortgage loan contracts. The bank informed, in a note, that the contracts in force will not change. Banco do Brasil and Santander also made changes.

O UOL asked the five largest banks what are the initial fees charged and the CET (Total Effective Cost – the final amount charged to the client) for real estate financing. Check out:

Bank of Brazil

  • From 6.39% pa (aa).+TR (Referential Rate, currently zeroed) to 6.55% pa+TR
  • Current CET (Total Effective Cost): from 8.35% pa

Bradesco

  • From 6.9% pa + TR
  • Total Effective Cost: not disclosed

Box

  • From 7% pa + TR
  • Total Effective Cost: not disclosed

Itaú Unibanco

  • From 6.9% pa + TR to 7.3% pa ​​+ TR
  • Total Effective Cost: not disclosed

Santander

  • From 6.99% pa +TR to 7.99% +TR
  • Total Effective Cost: from 8.77% pa

The changes can be applied only to those who have not had their financing approved by the bank. If the contract is already closed, the previous, better conditions remain valid.

For Mendes, even with the recent increase in interest rates charged on real estate credit, the time is still ripe for home financing.

“It’s still worth it. Of course, interest rates have increased. But for some situations, where there are greater subsidies, such as the [programa] Casa Verde Amarela, there are still excellent conditions, as the government must maintain a higher subsidy rate,” he said.

In addition, according to the expert, real estate financing should also be influenced by the behavior of long-term interest rates, which are influenced by the macroeconomic behavior of the Brazilian economy.

“In long-term rates, there are other factors considered, such as country risk, currency risks, which end up influencing their behavior. So when I look at the long-term rate, it is getting higher. As real estate financing is 20 to 35 years, they are closer to these titles and follow this variation more than the Selic itself,” stated Mendes.