May 28, 2023

Caixa announces higher interest rates on mortgages. See the new conditions

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The increase was 0.5 percentage point and has been in effect for new contracts since April 3

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Caixa Economica Federal Building

Caixa Economica Federal Building

Caixa Econômica Federal confirmed, in a note, that it raised the interest rate on its mortgage line of credit with resources originating from a savings account. The increase was 0.5 percentage point and has been in effect for new contracts since April 3. With this, the state-owned bank offers rates starting at 8.99% per annum, plus the reference rate (TR), and ranging up to 9.99%, plus TR.

“With regard to real estate credit, Caixa has informed that interest rates are set according to market factors and conditions, within the bank’s prudential rules,” he described in a note.

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Earlier this Tuesday, on the 11th, Caixa’s Vice President of Housing, Ines Magalhaes, confirmed the change in prices in the report, but without detailing the percentages.

“We have made an adjustment. It is still the lowest rate on the market, we still have a single-digit rate,” Magalhaes said after participating in an event with entrepreneurs from the construction sector in Sao Paulo.

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Savings saw record withdrawals, and institutions had to turn to other, more expensive funding sources, such as real estate letters of credit (LCIs) and certificates of receipt (CRIS), linked to CDI. At private banks, rates reached double-digit ratios earlier this year.

Caixa was the last of the major banks to raise mortgage rates, but it has already indicated that it will take this path to continue financing the sector.

In March, Santander (SANB11) raised interest rates from 10.49% yoy plus reference rate (TR). In February, the bank actually raised the mortgage rate from 9.49% + TR to 9.99% p.a. + TR. With this new increase, Santander matches Bradesco (BBDC4) and Itaú Unibanco (ITUB4), which also offer rates starting at 10.49% p.a.+TR. Banco do Brasil (BBAS3) offers rates from 9.67% p.a. + TR.

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For this year, Caixa estimates to grant about R$70 billion in real estate credit in lines with savings resources. If confirmed, this would represent a decrease of 24% compared to last year, when it reached a record high of R$92 billion.

Caixa also reported in a note that prices for the popular housing lines (within Minha Casa Minha Vida) and the Pró-Cotista line, which rely on FGTS resources, have remained unchanged since October 2021.

Financing with resources from the FGTS should be about R$90 billion to R$100 billion in 2023. With that, the state bank should total approximately R$160 billion to R$170 billion in loans for the purchase and construction of housing, It is an amount in line with in 2022, when it spent R$162 billion.