Original title: Exclusive | Dalian’s first home loan interest rate has dropped to 3.95% from now on, and the first home loan interest rate “breaks 4” in over 12 cities. How much room for adjustment of second home loan interest rates?
Financial Associated Press, October 20 (Reporter Gao Ping)Cities where the first home loan interest rate fell below 4% further expanded. A reporter from the Financial Associated Press exclusively learned from a number of real estate agents and bank personal loan personnel in Dalian that the lowest mortgage interest rate for the first home in Dalian has dropped from the previous 4.1% to 3.95% from today.
According to incomplete statistics, after the central bank and the China Banking and Insurance Regulatory Commission issued a notice at the end of September to decide to adjust the differentiated housing credit policy in stages, at least 12 of the 23 eligible cities counted by market institutions have lowered the first-home loan interest rate to the previous level. The lower limit is 4.1%.
Industry analysts pointed out that among the cities currently in line with the phased directional interest rate cut policy, including Harbin and other cities, the mortgage interest rate is at the level of 4.1%, and there is still room for adjustment in the later stage. Institutional monitoring data shows that 95% of the 103 cities in this month’s second-home loan interest rate remained at the lower limit of 4.9% without changing the interest rate policy for second-home loans. In the future, the possibility of further structural relaxation of the loan interest rate policy for second home buyers cannot be ruled out.
The first home loan interest rate “breaks 4” cities to accelerate the expansion of 103 key cities, the average interest rate is further lowered
After the first home loan interest rate in Dali was just lowered to below 4%, the first home loan interest rate in another place “breaks 4”. A reporter from the Financial Associated Press learned today from a number of real estate intermediaries and bank personal loan personnel in Dalian that the interest rate for the first home loan in Dalian has been lowered, from the previous 4.1% to 3.95%.
A personal loan officer from a sub-branch of a major bank in Dalian said that the bank’s current interest rate for the first home loan starts at 3.95%. “The notice received yesterday will be implemented today.” A credit staff member of a sub-branch of another major bank in Dalian also told a reporter from the Financial Associated Press that the bank’s first home loan interest rate dropped to 3.95%. “It was 4.1% before, and the adjustment notice just received last night.” The staff member said.
Dalian’s adjustment of the first home loan interest rate stems from the notice issued by the central bank and the China Banking and Insurance Regulatory Commission on September 29. For cities where the sales prices of newly built commercial residential buildings from June to August 2022 have continuously decreased month-on-month and year-on-year, before the end of 2022, phased The lower limit of the interest rate for commercial personal housing loans for the first home will be relaxed.
According to the notice, in accordance with the principle of “policy based on the city”, the city government that meets the above conditions can independently decide to maintain, lower or cancel the lower limit of the local first-home commercial personal housing loan interest rate in stages according to the changes in the local real estate market situation and regulatory requirements. According to market institutions, 23 of the 70 large and medium-sized cities included in the survey by the Bureau of Statistics are eligible. Dalian is one of the 23 eligible cities.
In fact, shortly after the announcement of the above notice, some eligible cities quickly landed. The first home loan interest rate in Jining has dropped from 4.1% to 3.95% since October 5; the first home loan interest rate in Guiyang has dropped from 4.1% to 3.9% on October 11. Up to now, among the above-mentioned 23 cities, at least 12 cities have lowered their first-time home loan interest rates to below 4%. These include six second-tier cities, Wuhan, Tianjin, Shijiazhuang, Guiyang, Kunming, and Dalian.
The “break 4” of the first home loan interest rate in many places has further lowered the average home loan interest rate in key cities across the country. The mainstream mortgage interest rate data in key cities released by the Shell Research Institute shows that in October 2022, the mainstream first-home mortgage interest rate in 103 key cities monitored in October 2022 was 4.12%, down 3 basis points from the previous month, and the second-rate mortgage rate was 4.91%. Flat; the average lending cycle this month is 26 days, and the overall lending speed is relatively fast.
95% of the 103 cities in the city have a mortgage interest rate of 4.9%, the lower limit
According to the housing loan interest rate data of 103 key cities monitored by the Shell Research Institute in October, although the second home loan interest rate remained unchanged at 4.91% compared with the previous month, 95% of the 103 cities in this month have not changed the second home loan interest rate policy. The second set of interest rates remained at the lower limit of 4.9%.
Liu Lijie, a market analyst at Shell Research Institute, said that the phased first-home loan interest rate cuts combined with the relaxation of purchase restrictions and loan restrictions will significantly reduce the purchase cost of first-time home buyers and accelerate home buyers’ decision-making, which will help increase market transactions. In the context of the increasingly dominant role of improvement demand on the market, policy should also pay attention to reducing the loan interest rates of “sell one to buy one” and “sell old to buy new”, which is a necessary measure in line with the actual housing consumption in most cities. The possibility of further structural relaxation of the loan interest rate policy for second home buyers cannot be ruled out.
This month’s loan market quoted rate (LPR) released today shows that the LPR for one-year and more than five-year terms remains unchanged. But LPR has fallen several times this year.
“Since this year, the financial management department has adjusted the lower limit of the first home loan interest rate twice, and the LPR of more than 5 years has dropped 3 times for a total of 35 basis points, which will help reduce residential consumption expenditure and boost residential consumption demand.” Dong Ximiao, chief researcher of Lianhe Finance, said that in some areas, residential housing consumption demand is still weak. Therefore, Dong Ximiao believes that the market still expects the decline of LPR with a maturity of more than 5 years. Under the circumstance that commercial banks reduce deposit interest rates and reduce the cost of debt, there is still room for LPR to decline.
The previous adjustment of housing credit policy mainly focused on supporting rigid housing demand. In the next step, Dong Ximiao suggested that targeted policies should be adopted to better support the demand for improved housing, including but not limited to taking measures such as reducing the down payment ratio, canceling “recognizing the house and subsidizing the loan”, and appropriately adjusting the lower limit of the loan interest rate for the second set of housing. . Regarding the purchase restriction policy, it is possible to explore the implementation of “policies based on districts”, and appropriately release the purchase restriction policy in the suburbs of first- and second-tier cities. At the same time, speed up the optimization of the housing transaction process, and promote “transfer with mortgage” for second-hand housing transactions, saving time and costs for both buyers and sellers of second-hand houses, improving transaction convenience and safety, and increasing the activity of the second-hand housing market. Destocking in the first-hand housing market.
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Responsible editor: Song Yuanjun