In recent years, due to the adjustment of relevant policies, real estate dividends are gradually disappearing. The mortgage interest rate has now dropped to 4.4%-4.9%, so what impact does this have on 5.6%-6.3% of home buyers? What should they do?
1. Current status of mortgage interest rates in my country
There are only a few people in China now that can buy a house in full. After all, housing prices in first-tier cities can be said to be sky-high. If you want to buy your favorite house at the right time, you can only buy a house by borrowing money from the bank, and the interest rate of the mortgage will also arise.
Since the country began to take action in 2016, my country's real estate industry has ushered in a new wave of reshuffle. In terms of finance, the central bank lowered the down payment ratio of first-home houses, increased the provident fund deposit interest rate, and lowered the bank reserve ratio . In terms of taxation, relevant state departments have adjusted preferential policies for business tax and deed tax in real estate transactions, and the new housing policies, land policies and later purchase restrictions have also developed in favorable directions.
Since 2017, although domestic real estate prices have gradually stabilized, many experts still say that real estate prices will become higher and higher. At that time, most domestic banks also believed in the upward trend of real estate prices and raised the housing loan interest rate, with the lowest mortgage interest rate of 5.6%. Influenced by society's forecasts on housing prices, many consumers use all their savings and family savings to buy a house.
So when buying a house from 2019 to 2020, the loan interest rate is generally 5.6%, and some people's mortgage interest rate is even as high as 6.3%. Even when the real estate market showed a downward trend in 2021, the interest rates for some housing loans were around 6%. For the same 1 million home loan, compared with the 4.75% interest rate, people will increase their monthly interest rate by 779 yuan.
According to the news released by relevant national departments, the mortgage loan interest rate in my country's real estate industry will be directly lowered by 20 basis points, which is also a policy measure for the first home. According to previous mortgage interest rates, the domestic real estate industry will definitely be affected to a certain extent. As soon as the policy was released, all localities also actively responded to the call. For example, the Housing and Urban-Rural Development Bureau of Hohhot immediately issued the following statement less than a month after the central bank issued the news: "The minimum interest rate for individual medium- and long-term housing loans was directly lowered to 4.25%.". The interest rates for first housing loans in various regions have also been lowered, and are now mostly between 4.4% and 4.9%.
2. What should 5.6%-6.3% of people who bought houses before do?
Some time ago, People's Bank of China issued a notice on issues related to adjustments to differentiated housing credit policies. There are regulations among them that the lower limit of the first-home commercial personal housing loan interest rate should not be lower than the loan market quotation rate 20 basis points during the same period, that is, the interest rate of 4.6% can be lowered again to 4.4%!
In fact, when we signed an home purchase contract with the bank, the relevant bank personnel also told us clearly. Regardless of the future housing loan interest rates, the interest rates on the contract will not change, and monthly loan repayments are also based on the interest rates on the contract.
Nowadays, major banks are constantly lowering loan interest rates, which is not only to stimulate the development of the real estate market, but also to stabilize the overall financial order in the country. For owners who have already purchased a house, they still need to repay the loan at the previous high mortgage interest rate, otherwise there will be credit problems in personal credit reporting and serious cases will be sued by the bank.
Of course, some people will feel reluctant about this, which is a heavy loss for those who bought a house before. In some places, wanting to buy a home again depends on whether you pay off your loan, some people will use the loophole to sell a home that is still paying off their loan and then buy a home when the mortgage rate drops. But the risk of this is very high, so everyone should choose carefully.
For residents who do not intend to buy a house in the short term, the rise and fall of mortgage interest rates has nothing to do with them. In the eyes of these people, no matter how high the loan interest rate is, the overall price of real estate is still at a high level, and they will not buy it. Many regions are currently introducing new policies, and housing loan interest rates may continue to decline, so those who want to buy a house need to make careful decisions.
3. Summary
After this interest rate adjustment, it also mainly depends on the market's reaction. If the market continues to be sluggish, it is not ruled out that there will be greater actions. For example, adjusting the housing loan stock to alleviate the pressure on housing loans can not only release more consumption willingness and promote economic development, but also increase everyone's sense of happiness.
The real estate market is getting better and better now. The decline in mortgage rates is a small good thing compared to the chaos in the past, at least everyone is no longer so difficult to buy a house. What do you think about this matter?
