The benchmark lending rate for the nation’s mortgage loans has risen for the 13th consecutive month. 

According to the Korea Federation of Banks on Monday, COFIX for outstanding loans was one-point-nine percent in September, increasing by zero-point-01 percentage point from August. 

It is the 13th month in a row the rate has increased since inching up by zero-point-02 percentage points to one-point-61 percent in September of last year. 

The COFIX rate for new loans also rose by zero-point-03 percentage points to one-point-83 percent, the first increase in three months. 

COFIX, or Cost of Funds Index, is a weighted average interest rate of the bank funding products provided by eight local commercial banks. A rise in COFIX leads to increased interest rates of home-backed loans linked with the benchmark rate.