SEOUL – South Korea's major banks have reduced their average lending rates for home-backed loans for the fourth consecutive month in March, continuing a trend of easing borrowing costs for homeowners.

According to Yonhap News Agency, the Cost of Funds Index (COFIX), which serves as a benchmark lending rate for mortgages, fell to 3.59 percent last month, a slight decrease from February's rate. The data indicates a persistent decline in rates, following a 0.04 percentage point drop the previous month. "The COFIX for outstanding loans also saw a reduction, underscoring a broader easing in lending conditions," a Federation spokesperson noted. COFIX rates are compiled from data provided by eight major banks in South Korea, including Nonghyup, Shinhan, and Citibank Korea.