Loan interest begins to rise again
The latest data set in hand shows the situation on April 5. Now, we can say with certainty that the increase in credit interest rates has started again. Between March 29 and April 5 there has been an increase in all loan types - consumer, vehicle, housing and commercial.
I agree that the increase in the interest rate on housing loans cannot be considered an increase. The fact is the current level of the interest is already artificial. Mortgage loans are at these levels only because
state-owned banks are trying to keep them down. So the average of about 17 percent interest is not possible outside public banks.
The data set prepared by the Central Bank looking the average of all banks shows that the interest on consumer loans has been increasing continuously for the last four weeks. The real acceleration in the consumer loan interest rate was observed in the week of March 29 to April 5. Commercial loan interest has been increasing for three weeks. The commercial loan rate, which declined to 21.31 percent on March 15, rose to 25.33 percent by April 5. During the week of March 29 to April 5, the interest rates on housing loans also increased.
In this period, the highest rate of increase was observed in consumer loans at 1.38 points. The vehicle loan interest rate increase of 1.29 percent took second place. Meanwhile, interest rates on commercial loans increased by 0.91 points in a week and interest rates on housing loans remained at 0.02 points. The deposit rate, showing the average of all banks and maturities, fell slightly in the first week of April. The average deposit interest was 19.81 percent as of April 5.
The recession in the market is at its highest level. Loan usage is accordingly low in such an environment. But if there is no demand for credit, loan interest rates will be expected to decline a little. That is not happening. On the contrary, an increase seems to have started. The increase in interest rates when there is not that much demand for loans seems strange.