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Mortgage loans: rising rates are no longer contained, and some banks are offering rates above 15% - La Nacion Propiedades
Source:
www.lanacion.com.ar
September 18, 2025
The signs are clear: increasingly high rates, a dollar that has no ceiling, and banks raising the scoring to unattainable levels paint a bleak picture for access to loans.
Mortgage credit is in a critical situationAndrii Zastrozhnov - Shutterstock
The dream of owning a home in Argentina is fading ever faster . The perfect combination of a rising dollar , banks tightening requirements , and a financial system lacking long-term funding has left mortgage lending in a critical situation : interest rates already exceeding 15% per year plus UVA (UVA), unattainable scoring levels, and, in some cases, the complete suspension of mortgage lines . The conclusion is stark: today, in practice, according to market analysts: "Access to mortgage credit is almost nonexistent."
“ Today is not the time to take out a mortgage ,” summarized a source working in the credit department of one of the first banks to announce housing lines. “Rates aren't attractive to borrowers because the current situation is working against the good period lending was experiencing. To increase credit availability, we need to develop the secondary market, which seemed to be on the way , but now the electoral situation calls that into question,” he added.
The explanation is structural : banks don't have sufficient funding to lend money for 20 or 30 years in a country with high country risk. In the absence of a developed market to securitize these portfolios (i.e., sell the risk to investors), institutions have only two options : raise rates to discourage demand or curb supply by tightening conditions . The result is interrupted operations and families left behind. "Suddenly, they tell you they've raised the scoring or some other requirement, and you're out of the loop," said one real estate broker .
The explanation is structural: banks do not have sufficient funding to lend money for 20 or 30 years in a country with a high country risk.Inna Kot - Shutterstock
“ Today, the Pope, Messi, and a few others qualify for a mortgage loan from Banco Nación ,” quips Juan Manuel Tapiola, CEO of the developer Spazios. “We tested employees with impeccable credit scores, and they didn't make the cut: they stayed at 800 points. In practice, it's as if they were telling you there's no credit .”
Meanwhile, private banks are moving in the opposite direction : they offer loans, but at unsustainable rates . Galicia leads the way with a fixed annual nominal rate of 15% + UVA, which rises to 17% if the client doesn't credit their salary to the bank. Macro is also at 15% + UVA; Santander also has an APR of 15%; followed by BBVA with 14.5%; Banco Hipotecario with 13.9%; and ICBC, with 10.5% for clients with credited salaries and 12% for the rest.
The average UVA loan rate in Argentina today is 10.6% . Compared to other countries in the region, in Chile—where the system is similar, although called UF—it stands at around 5.19%. This is practically half the rate in a country with 4% annual inflation, compared to Argentina's cumulative inflation rate of 33.6% over the last 12 months.
Just two months ago, the black market currency was $200 below . Loans granted before July were granted with a dollar around $1,200, while in August and September the situation changed completely. " These are people who qualified months ago and now don't ," explains Alejandro Moretti of Nuevo Siglo Propiedades.
Mortgage financing accounts for nearly 20% of transactions in the capital . Without that leg, demand declines drastically. " If credit dries up, 20% of demand dries up . So, how do you explain the rise in used car prices?" asks Federico González Rouco, an economist specializing in housing.
Both banks explained that this is a "product review ," but in the real estate and financial markets, the reading is different: without long-term funding and in a volatile context, offering 20- or 30-year mortgages is too risky . "It's a snapshot of the current problem with the system," analysts acknowledge. For families, the pause means that the dream of owning a home is further away; for real estate agencies, it means that part of the demand is frozen.
The Real Estate Radar, prepared by Fabián Achával Properties, warns that August and September still show transactions initiated in previous months, but that the final quarter of the year will lose predictability . Traditionally, October, November, and December witness the greatest activity in the real estate market; this time, it will depend on politics, macroeconomics, and the dollar.
“ Buyers with credit feel the greatest pressure . Cash buyers, on the other hand, set prices in the short term,” explains Fabián Achával. “Those who pay cash negotiate more; those with credit don't discuss prices as much.”
“ In practice, to be very blunt, there is almost no mortgage credit ,” Tapiola states. This phrase sums up what many in the market quietly acknowledge: the dream of owning a bank-financed home today seems more like an unattainable prospect than a real possibility.
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Source:
Créditos hipotecarios: ya no se puede contener la suba de tasas y hay bancos que superan el 15%
Las señales son claras: tasas cada vez más altas, un dólar que no encuentra techo y bancos que suben el scoring a niveles inalcanzables dibujan un panorama sombrío para el acceso al préstamo
www.lanacion.com.ar
September 18, 2025
The signs are clear: increasingly high rates, a dollar that has no ceiling, and banks raising the scoring to unattainable levels paint a bleak picture for access to loans.
Mortgage credit is in a critical situationAndrii Zastrozhnov - Shutterstock
The dream of owning a home in Argentina is fading ever faster . The perfect combination of a rising dollar , banks tightening requirements , and a financial system lacking long-term funding has left mortgage lending in a critical situation : interest rates already exceeding 15% per year plus UVA (UVA), unattainable scoring levels, and, in some cases, the complete suspension of mortgage lines . The conclusion is stark: today, in practice, according to market analysts: "Access to mortgage credit is almost nonexistent."
“ Today is not the time to take out a mortgage ,” summarized a source working in the credit department of one of the first banks to announce housing lines. “Rates aren't attractive to borrowers because the current situation is working against the good period lending was experiencing. To increase credit availability, we need to develop the secondary market, which seemed to be on the way , but now the electoral situation calls that into question,” he added.
The explanation is structural : banks don't have sufficient funding to lend money for 20 or 30 years in a country with high country risk. In the absence of a developed market to securitize these portfolios (i.e., sell the risk to investors), institutions have only two options : raise rates to discourage demand or curb supply by tightening conditions . The result is interrupted operations and families left behind. "Suddenly, they tell you they've raised the scoring or some other requirement, and you're out of the loop," said one real estate broker .
The explanation is structural: banks do not have sufficient funding to lend money for 20 or 30 years in a country with a high country risk.Inna Kot - Shutterstock
Impossible requirements
The case of Banco Nación is unique. For months, it was seen as "the last bastion"—nationally—of reasonable rates, with 4.5% annual interest plus UVA . However, that rate is now almost an illusion. The score required to qualify for a loan doubled: from 450 to 909 points.“ Today, the Pope, Messi, and a few others qualify for a mortgage loan from Banco Nación ,” quips Juan Manuel Tapiola, CEO of the developer Spazios. “We tested employees with impeccable credit scores, and they didn't make the cut: they stayed at 800 points. In practice, it's as if they were telling you there's no credit .”
Meanwhile, private banks are moving in the opposite direction : they offer loans, but at unsustainable rates . Galicia leads the way with a fixed annual nominal rate of 15% + UVA, which rises to 17% if the client doesn't credit their salary to the bank. Macro is also at 15% + UVA; Santander also has an APR of 15%; followed by BBVA with 14.5%; Banco Hipotecario with 13.9%; and ICBC, with 10.5% for clients with credited salaries and 12% for the rest.
The average UVA loan rate in Argentina today is 10.6% . Compared to other countries in the region, in Chile—where the system is similar, although called UF—it stands at around 5.19%. This is practically half the rate in a country with 4% annual inflation, compared to Argentina's cumulative inflation rate of 33.6% over the last 12 months.
The impact of the dollar
Adding to the impossible rates is another obstacle: the dollar . This Tuesday, September 16, it closed at $1,480, a barrier that became a real problem for those in the middle of the loan process. One case, for example, is that of a Banco Nación client who had a loan approved and had even begun the property appraisal. With the devaluation, the value of the property in pesos suddenly rose, and he no longer had enough to pay the down payment .Just two months ago, the black market currency was $200 below . Loans granted before July were granted with a dollar around $1,200, while in August and September the situation changed completely. " These are people who qualified months ago and now don't ," explains Alejandro Moretti of Nuevo Siglo Propiedades.
Mortgage financing accounts for nearly 20% of transactions in the capital . Without that leg, demand declines drastically. " If credit dries up, 20% of demand dries up . So, how do you explain the rise in used car prices?" asks Federico González Rouco, an economist specializing in housing.
Paused lines
But the problem isn't limited to rates and requirements: some banks have suspended their mortgage loans altogether . Banco Ciudad has kept its loans on hold, and Banco del Chubut has frozen them for more than 10 days.Both banks explained that this is a "product review ," but in the real estate and financial markets, the reading is different: without long-term funding and in a volatile context, offering 20- or 30-year mortgages is too risky . "It's a snapshot of the current problem with the system," analysts acknowledge. For families, the pause means that the dream of owning a home is further away; for real estate agencies, it means that part of the demand is frozen.
Where will the brakes hit hardest?
The hardest hit is mid-priced deals, between US$50,000 and US$200,000 , which concentrate a large portion of credit demand. Used units are the hardest hit by the decline: there, buyers rely more heavily on loans .The Real Estate Radar, prepared by Fabián Achával Properties, warns that August and September still show transactions initiated in previous months, but that the final quarter of the year will lose predictability . Traditionally, October, November, and December witness the greatest activity in the real estate market; this time, it will depend on politics, macroeconomics, and the dollar.
“ Buyers with credit feel the greatest pressure . Cash buyers, on the other hand, set prices in the short term,” explains Fabián Achával. “Those who pay cash negotiate more; those with credit don't discuss prices as much.”
“ In practice, to be very blunt, there is almost no mortgage credit ,” Tapiola states. This phrase sums up what many in the market quietly acknowledge: the dream of owning a bank-financed home today seems more like an unattainable prospect than a real possibility.
www.buysellba.com
