The mortgage interest rate in Beijing, Shanghai and Guangzhou has generally dropped by 15 basis points, and the first housing in many places has dropped to the lower limit of 4.25%. Industry expectations: the mortgage interest rate in some areas may still have room for reduction
Cailian News Agency, May 23 (Reporter Xu Chuan Gao Ping) Cailian News Agency reporter learned from banks and intermediaries today that the mortgage loan interest rates in Beijing, Shanghai, Guangzhou and other places have generally been priced at the latest 5-year LPR pricing. , the interest rates for first- and second-home buyers were both cut by 15 basis points (bp). After the implementation of the new LPR with a term of more than 5 years, the first loan interest rate of some banks in Tianjin, Suzhou, Wuxi and other places has been reduced to the lower limit of 4.25%.
According to industry insiders, the 5-year or longer LPR, which is the benchmark for mortgage interest rate pricing, has been reduced by 15bp, superimposed on the differentiated housing credit policy previously released, which has further released this round of mortgage loan interest rates. temperature plays an important role. However, it is also noted that the adjustment of the differentiated housing credit policy is mainly aimed at the first-home loan interest rate, and it is currently promoted in second- and third-tier cities. Therefore, there is still room for a certain degree of downward adjustment in the first- and second-home loan interest rates in some areas.
Most of the mortgage interest rates in Beishangguang have been lowered by 15bp
On May 20, the central bank announced that the LPR with a maturity of more than 5 years was 4.45%, a decrease of 15bp from the previous month. A reporter from the Financial Associated Press has learned that at present, most banks in Beijing and Shanghai have implemented the mortgage interest rate according to the new LPR pricing of more than 5 years.
A personal loan officer from a sub-branch of a major bank in Beijing said that the mortgage interest rate has been implemented in accordance with the new 5-year LPR pricing. The first mortgage interest rate has dropped from the previous 5.15% to 5%, and the second mortgage has been simultaneously reduced to 5.5%.
Banks in Shanghai and Guangzhou have also generally implemented the new 5-year LPR interest rate. According to a credit person from a joint-stock bank in Shanghai, the bank’s mortgage interest rate has been cut by 15bp today according to the latest LPR of more than 5 years. The current first and second set of interest rates are 4.8% and 5.5% respectively, compared with 4.95% and 5.65% before.
The mortgage interest rates of most banks in Guangzhou have also been adjusted in accordance with the new 5-year LPR interest rate, but the interest rates vary between banks. According to a real estate agent, after the implementation of the new LPR interest rate, the interest rate of most banks’ first home loan is 4.65% to 4.85%, and the second home loan interest rate is 5.05%. The personal loan manager of a sub-branch of a major bank in Guangzhou told a reporter from the Financial Associated Press that he had received a notice to implement the new LPR pricing. Currently, the first mortgage interest rate is 4.85% (4.45% + 40bp), and the second mortgage interest rate is 5.05% ( 4.45%+60bp).
Comparatively speaking, the interest rate of second home loan of another big bank in Guangzhou is still relatively high. A personal loan person from a sub-branch of the bank said that the first-home loan interest rate implemented in accordance with the new LPR has been reduced from 5.2% to 5.05%, and further discounts can be obtained according to customer qualifications, and the second-home loan interest rate has been reduced from the previous 5.4% to 5.25%.
Some banks in Shenzhen also stated that the current mortgage interest rate has been implemented in accordance with the new LPR. The personal loan manager of a sub-branch of a major bank said that the bank’s first mortgage interest rate dropped from 4.9% to 4.75% (4.45%+30bp), and the second mortgage rate dropped from 5.2% to 5.05% (4.45%+60bp).
However, a number of bank personal loan managers said that the bank’s mortgage interest rate has not been adjusted yet. Among them, the personal loan manager of a large bank in Shenzhen said that it has not yet received a notice of adjustment, the first set is still 4.9%, and the second set is 5.2%. In addition, the personal loan manager of another joint-stock bank said that the bank has implemented the new LPR according to the new LPR, but due to the increase of the points, the current mortgage interest rate has not been adjusted compared with the previous one, and the first and second mortgage interest rates are still 4.9 %, 5.1%.
The lower limit of mortgage interest rates in many places has been refreshed to 4.25%
Recently, the central bank and the China Banking and Insurance Regulatory Commission jointly issued a differentiated housing credit policy. The lower limit of the interest rate of the first residential commercial personal housing loan is adjusted to not less than the corresponding term LPR minus 20bp, which means that the central bank announced on May 20 that the 5-year term LPR or more. Later, the first home loan interest rate can be further reduced to 4.25%.
A personal loan officer from a sub-branch of a major bank in Tianjin said that after implementing the differentiated housing credit policy, the bank has set prices according to the new LPR of more than 5 years, that is, 4.25% for the first set and 5.05% for the second set. The mortgage interest rates are 4.4% and 5.2% respectively. A personal loan officer from another big local bank also said that the interest rates for the first and second home loans have dropped from 4.4% and 5.2% to 4.25% and 5.05%. % after another downward adjustment.
A credit person from a joint-stock bank in Suzhou said that at present, the bank’s first home loan interest rate can be as low as 4.25%, and the second home loan interest rate will be implemented on the basis of 4.45%. The specific increase will depend on the qualifications of the customer. 70bp range.
The Financial Associated Press reporter also learned that the interest rate of some banks in Wuxi for the first home loan has further dropped from the previous 4.4% to 4.25%, and the second home loan interest rate has dropped to 5.05%. However, a person from the personal loan department of a large local bank said that it is still waiting for the notice to be issued. The bank’s first and second home loan interest rates are still 4.4% and 5.2%, of which the first home loan interest rate has not long ago been based on differentiated housing. The credit policy has implemented an interest rate floor adjustment.
Market participants pointed out that the current minimum interest rate policy is still in the stage of gradual implementation, and if it is to be implemented widely and in a standardized manner, it is expected that the guidance and rules of official documents will still be issued in the future. It will take a certain amount of time for the policy to adjust the lower limit of commercial loan interest rates to be released to the specific implementation, but the current policy side has sent positive market signals, and it is the general trend to gradually refine and standardize it in the future.
Mortgage rates may still be cut
Statistics from the Shell Research Institute show that in May, the mainstream interest rate index for the first and second homes declined month-on-month. The average mainstream interest rate in May was 4.91% for the first set and 5.32% for the second set, down 26BP and 13BP from the previous month, respectively, down from the highest point last year. 83BP and 68BP, hitting new lows since 2019.
The newly announced LPR with a term of more than five years was reduced to 4.45%, the lower limit of the first-home loan interest rate was adjusted to 4.25%, the lower limit of the second-home loan interest rate was reduced to 5.05%, and the mortgage interest rate was further lowered. However, Zhuge Housing Search Data Research Center pointed out that at present, some second- and third-tier cities where the downward pressure on the property market is still implementing the lowest mortgage interest rate are mainly implemented, and the first- and second-tier cities with strong demand are less implemented.
Looking forward to the later period, Wang Yifeng, chief analyst of the financial industry of Everbright Securities, believes that there is still room for a substantial downward trend in mortgage loan interest rates. He said that under the framework of city-specific policies, some hot cities with high mortgage loan interest rates in the early stage, as well as third- and fourth-tier cities, are expected to decline, and the growth rate of real estate sales is expected to bottom out and stabilize in the third quarter of this year; in addition, in the adjustment of mortgage loan pricing In the process, the adjustment range of interest rate spreads driven by market-oriented supply and demand forces will be relatively larger, and it is not ruled out that there is still a possibility of a downward adjustment in the subsequent 5-year LPR.
Wen Bin, chief researcher of Minsheng Bank, believes that for existing housing loans, the decline in LPR will reduce the cost of existing housing loans through loan re-pricing, which will play a bailout role and reduce the debt burden of residents, thereby saving more funds for consumption. .