Caixa weighs higher mortgage rates as savings fail to keep pace with lending
Caixa Econômica Federal is studying an increase in the interest rates it charges on home loans, its housing vice-president Inês Magalhães said on Friday (13) during the presentation of the bank's third-quarter 2026 results in São Paulo. "We are planning the next period and studying, yes, the question of adjusting the interest rate, depending very much on the volume of resources we will make available for the next period," she said, without giving further detail on any increase.
The review turns on the mix of money behind the loans. Savings deposits have historically been Caixa's core housing funding source, but the mortgage book is growing faster than deposits, forcing the bank towards market-priced instruments such as real estate credit notes (LCIs). With the Selic rate high, that substitution raises the average cost of funds. "We could do nothing, but then we would have to reduce the volume tragically," said Marcos Brasiliano Rosa, the bank's finance and controllership vice-president, describing the search for a "ponto ótimo" that preserves lending without unbalancing the operation.
Brasiliano said Caixa sets its own rates without negotiating with its controlling shareholder, but acts cautiously given its dominance of the sector. "We own practically 70% of the system. So every step we take has to be very well thought out," he said. Caixa closed September with R$ 1.043 trillion in housing credit, up 15.5% in 12 months, and a 68.2% market share. Savings balances rose 4.1% to R$ 407.8 billion, while the bank's issued notes reached R$ 308.9 billion, of which R$ 268.7 billion were real estate notes.
Growth plans are unchanged. Housing originations in the first nine months of 2026 totalled R$ 210.1 billion, up 20.9% year on year across roughly 799,500 contracts, with R$ 131 billion from FGTS and Social Fund resources and R$ 79 billion from SBPE-funded operations. President Carlos Vieira said the bank expects to close 2026 above last year's housing credit volume, after R$ 180 billion in 2023, R$ 223 billion in 2024 and R$ 249 billion in 2025. Brasiliano said news on the rate decision will come soon, without setting a date: "We are seeking the optimum point and that news will come shortly."
