The president of Caixa Econômica Federal, Pedro Guimarães, announced this Monday (13) that the bank will reduce the interest rate for real estate financing. The details, according to him, will be informed on Thursday (16). “Caixa will reduce interest rates. Isn’t it increasing the Selic? So, Caixa Econômica Federal, with a profit it never had, without stealing, will reduce the interest on its own house. But that’s for Thursday,” he said during ceremony, at Planalto Palace, for the launch of the housing program aimed at public security professionals.
Currently, Caixa’s housing loan portfolio amounts to R$ 528.9 billion, which represents 67.3% of all real estate financing granted in the country. Caixa offers four types of housing financing. Some of them have their interest adjusted by variable rates, which are influenced by the basic interest rate, the Selic. The announcement of the reduction of interest rates on mortgages by Caixa comes amid the expectation of an increase in the Selic rate. Currently set at 5.25% per year, financial market projections indicate that it will end 2021 at 8% per year.
When the Central Bank increases the basic interest rate, the purpose is to contain the heated demand and this causes reflexes on prices because higher interest rates make credit more expensive and stimulate savings. When the Selic is reduced, the tendency is for credit to become cheaper, with an incentive to production and consumption, reducing inflation control and stimulating economic activity.