SEOUL — The average lending rates for mortgage loans at major banks in South Korea saw an increase in October, as indicated by the latest financial data.

According to Yonhap News Agency, the Cost of Funds Index (COFIX), which serves as a benchmark lending rate for mortgages, rose to 3.97 percent last month, marking a 0.15 percentage point increase from the previous month. Additionally, the COFIX rate for outstanding loans experienced a slight rise of 0.02 percentage points, reaching 3.90 percent. COFIX is determined based on the funding costs reported by eight leading domestic banks in South Korea, including Nonghyup Bank, Shinhan Bank, Woori Bank, Standard Chartered Bank Korea, Hana Bank, Industrial Bank of Korea, Kookmin Bank, and Citibank Korea.