S. Korea's average household loan rate rose to 10 year high in October

With the Bank of Korea raising interest rates, the average rate on household loans at commercial banks last month rose to the highest level in 10 years.
According to the BOK, the rate on new loans in October increased from the month before by zero-point-1-9 percentage points to 5-point-3-4 percent.
Mortgage rates rose to 4-point-8-2 percent, also the highest since May 2012.
Higher rates have raised concerns about Korea's ratio of household debt to GDP, which is the highest among 36 major economies, as chosen by the Institute of International Finance.
Rates on business loans rose by the most since 1998, in the aftermath of the Asian Financial Crisis, hitting 5-point-2-7 percent.