Jakarta - Selama tahun 2009 suku bunga acuan Bank Indonesia (BI), BI Rate diturunkan sebesar 275 bps. Namun suku bunga kredit perbankan secara rata-rata hanya menurun 85 bps. Penurunan BI Rate tidak ampuh turunkan suku bunga kredit.
Dari Tinjauan Kebijakan Moneter Bank Indonesia yang dikutip detikFinance, Kamis (7/1/2009) dikatakan transmisi kebijakan moneter masih berjalan lambat, khususnya pada suku bunga kredit konsumsi.
Selama tahun 2009, rata-rata suku bunga kredit secara agregat (rata-rata suku bunga kredit modal kerja, kredit investasi, dan kredit konsumsi) hanya menurun sebesar 85 bps. Penurunan tersebut sangat rendah jika dibandingkan dengan penurunan BI Rate dan suku bunga deposito 1 bulan.
Berdasarkan jenis penggunaannya, penurunan suku bunga kredit selama 2009 terutama terjadi pada suku bunga kredit investasi dan modal kerja, masing-masing sebesar 137 bps dan 126 bps.
Sementara itu, suku bunga kredit konsumsi sedikit mengalami peningkatan sebesar 7 bps selaras dengan karakteristik jenis kredit ini yang permintaannya relatif tidak terlalu elastis dengan perubahan suku bunga. Rigid-nya penurunan suku bunga kredit konsumsi antara lain disebabkan oleh cukup besarnya porsi penggunaan kredit lainnya termasuk kredit tanpa agunan dan kredit kendaraan bermotor dimana suku bunga yang dikenakan cukup tinggi.
Tapi di lain sisi, transmisi kebijakan moneter ke suku bunga deposito semakin baik. Sejak Januari hingga November 2009, penurunan BI Rate sebesar 275 bps telah direspons oleh penurunan suku bunga deposito 1 bulan yang mencapai 359 bps.
Penurunan suku bunga deposito ini lebih baik dibandingkan dengan periode penurunan BI Rate sebelumnya (2006-2007) yang hanya menurun sebesar 226 bps dalam kurun waktu yang sama.
Di periode pemberhentian penurunan BI Rate (September hingga Desember 2009), penurunan suku bunga deposito juga masih berlangsung, meskipun dengan besaran yang lebih rendah. Sementara itu, suku bunga deposito di tenor lain khususnya di atas 6 bulan tercatat menurun sangat lambat.
sumber detik finance
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Kamis, 07 Januari 2010
Mortgage demand near six-month low as rates jump
NEW YORK (Reuters) - Demand for U.S. mortgages held last week near six-month lows as the highest long-term borrowing costs since August stifled refinancing, a Mortgage Bankers Association survey showed on Wednesday.
Housing Market
Average 30-year mortgage rates jumped 0.10 percentage point to 5.18 percent in the January 1 week, up more than a half percentage point from the record low in March, driving down refinance requests to levels last seen in early August.
The rate was last higher in late August at 5.24 percent.
"Mortgage rates are going to be on an upward trajectory throughout the year and increase significantly, which means refinance volume is going to drop significantly," said Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University.
Total mortgage applications eked out a 0.5 percent rise in the January 1 week after slumping nearly 23 percent in the Christmas week to the lowest level since late June.
When total demand for home loans has been at its highest last year it was due to a surge in refinancing rather than for home purchases. The highest unemployment rate in more than a quarter century and record foreclosures has kept many consumers from making such a major commitment.
The industry group reported two weeks of loan demand on Wednesday, as its offices were closed between the Christmas and New Year's holidays.
"We're not out of the woods in terms of housing," said Lea.
Demand will drop in the second half of 2010 after an expanded home buyer tax credit ends, and as loan defaults and foreclosures mount, he said.
"I don't see the current programs being that effective in terms of alleviating that problem," he said. "If that continues it will provide downward pressure on housing prices and the economy overall."
The mortgage industry group's refinance index dropped 1.6 percent in the January 1 week to 1,976.9 after tumbling more than 30 percent the prior week. At its 2009 peak, the refinance index topped 7,400 last January.
The purchase loan index rose 3.6 percent to 212.1 in the January 1 week after a 4.0 percent drop the prior week.
The tax credit is not the only government support to the fragile housing market that will peel off in the spring.
The Federal Reserve by March 31 will have bought more than $1.4 trillion in mortgage-related securities, aiming to hold down borrowing costs and revive housing as well as the economy.
Those purchases end soon before the tax credit also expires. Borrowers qualified for the $8,000 first-time buyer credit and $6,500 move-up buyer credit must sign contracts by April 30 and close on loans by the end of June.
A tenuous housing rebound may not have enough impetus on its own to then withstand the giant obstacles of double-digit unemployment and record foreclosures, economists have said.
by reuters
Housing Market
Average 30-year mortgage rates jumped 0.10 percentage point to 5.18 percent in the January 1 week, up more than a half percentage point from the record low in March, driving down refinance requests to levels last seen in early August.
The rate was last higher in late August at 5.24 percent.
"Mortgage rates are going to be on an upward trajectory throughout the year and increase significantly, which means refinance volume is going to drop significantly," said Michael Lea, director of the Corky McMillin Center for Real Estate at San Diego State University.
Total mortgage applications eked out a 0.5 percent rise in the January 1 week after slumping nearly 23 percent in the Christmas week to the lowest level since late June.
When total demand for home loans has been at its highest last year it was due to a surge in refinancing rather than for home purchases. The highest unemployment rate in more than a quarter century and record foreclosures has kept many consumers from making such a major commitment.
The industry group reported two weeks of loan demand on Wednesday, as its offices were closed between the Christmas and New Year's holidays.
"We're not out of the woods in terms of housing," said Lea.
Demand will drop in the second half of 2010 after an expanded home buyer tax credit ends, and as loan defaults and foreclosures mount, he said.
"I don't see the current programs being that effective in terms of alleviating that problem," he said. "If that continues it will provide downward pressure on housing prices and the economy overall."
The mortgage industry group's refinance index dropped 1.6 percent in the January 1 week to 1,976.9 after tumbling more than 30 percent the prior week. At its 2009 peak, the refinance index topped 7,400 last January.
The purchase loan index rose 3.6 percent to 212.1 in the January 1 week after a 4.0 percent drop the prior week.
The tax credit is not the only government support to the fragile housing market that will peel off in the spring.
The Federal Reserve by March 31 will have bought more than $1.4 trillion in mortgage-related securities, aiming to hold down borrowing costs and revive housing as well as the economy.
Those purchases end soon before the tax credit also expires. Borrowers qualified for the $8,000 first-time buyer credit and $6,500 move-up buyer credit must sign contracts by April 30 and close on loans by the end of June.
A tenuous housing rebound may not have enough impetus on its own to then withstand the giant obstacles of double-digit unemployment and record foreclosures, economists have said.
by reuters
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