For consumers who buy houses with loans,
mortgage interest rate
is an important consideration in home purchase decisions
How long is the repayment period and how high the mortgage interest rate
to a certain extent
affects consumers' willingness to buy houses
Recently, with the People's Bank of China and Banking and Insurance Regulatory Commission issued the "Notice on Phased Adjustment of Differentiated Housing Credit Policy", many places have adjusted the lower limit of first-home mortgage interest rates, and the mortgage interest rates in some cities have been as low as 2.6%. This is also the second time that the financial regulatory authorities have lowered the lower limit of first-home mortgage interest rates this year.01 Differentiated adjustment of mortgage policies
Recently, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice to phase the adjustment of differentiated housing credit policies. city governments that meet the conditions can independently decide to maintain, lower or cancel the interest rate lower limit on the newly issued first housing loans in the local area before the end of 2022.
notice stipulates that cities where the sales price of newly built commercial housing in June to August 2022, and have been continuously declining from June to August 2022, the lower limit of commercial personal housing loan interest rates for the first-home housing can be relaxed in stages. The specific adjustments shall be decided independently by each city based on changes in the local real estate market situation and regulatory requirements. At the same time, the lower limit of the interest rate policy for commercial personal housing loans for second-home housing units shall be implemented in accordance with the current regulations.
Yan Yuejin, research director of the think tank center of E-House Research Institute, told the reporter of " China Consumer News " that the release of the policy is the second time that the financial regulatory authorities have lowered the lower limit of the first mortgage interest rate this year. In May this year, the Central Bank of and the China Banking and Insurance Regulatory Commission issued a notice to adjust the lower limit of the first commercial personal housing loan interest rate for purchasing ordinary self-occupied houses to the corresponding term loan market quotation rate (LPR) by 20 basis points. Since the turning point of housing loan policy in September 2021, a year has passed, and various types of housing loan adjustment policies have been continuously implemented, fully reflecting the orientation of the central bank and other departments to make good use of housing loan tools.
According to statistics from the think tank center of the E-House Research Institute, combined with the "Sales Price Changes in Commercial Housing in 70 Large and Medium-sized Cities" released by the National Bureau of Statistics, the reporter found that cities that meet the conditions of "the sales prices of newly built commercial housing from June to August this year have continuous declines month-on-month and year-on-year."
Among them, Tianjin is a municipality directly under the central government, Shijiazhuang, Harbin, Wuhan, Kunming, Guiyang and Lanzhou are provincial capitals, and Dalian is sub-provincial city . The other 15 cities are all third- and fourth-tier cities, namely Qinhuangdao , Wenzhou , Quanzhou , Luzhou , Dali, Yueyang , Yichang , Beihai , Zhanjiang , Baotou , Anqing , Jining , Changde , Xiangyang and Guilin.
02 Mortgage interest rates in some cities are as low as 2.6%
According to incomplete statistics from reporters from China Consumer News, more than 30 cities across the country have recently adjusted their mortgage policies.
htmlOn October 11, Tianjin Housing Provident Fund Management Center announced that it would lower the first home provident fund loan interest rate . The first home provident fund loan issued after October 1, the provident fund loan for the period of less than 5 years (including 5 years) was adjusted to 2.6%, and the 5-year or above interest rate was adjusted to 3.1%; the 2nd home cc Provident Fund loan interest rate remained unchanged, that is, the interest rates for less than 5 years (including 5 years) and more than 5 years were 3.025% and 3.575% respectively. htmlOn October 9, the Beijing Housing Provident Fund Management Center announced that it has implemented an interest rate of 2.6% for the first mortgage loan of less than 5 years (including 5 years), and an interest rate of 3.1% for more than 5 years. New home purchases for employees who have paid their deposit can be implemented at the new interest rate. In addition, the loan interest rate for the first housing housing provident fund in the municipal management will be adjusted from January 1 next year.Hangzhou, Wuxi , Dongguan , Yichang, Shijiazhuang, Ningbo , Nanning and other places have also successively issued notices to lower the interest rate of provident fund loans for the first home. After adjustment, the interest rate for less than 5 years (including 5 years) has dropped from 2.75% to 2.6%, and the interest rate for more than 5 years has dropped from 3.25% to 3.1%.
mortgage interest rate adjustment can directly reduce the cost of home buyers.
According to the organization's calculations, the first provident fund loan for 6 million yuan and a term of 30 years is calculated:
is calculated according to the repayment method of equal principal and interest . After the new loan interest rate is executed, the loan period can save employees 180,000 yuan, and the repayment amount can be reduced by 5,900 yuan per year.
In addition to adjusting the provident fund loan interest rate, many cities such as Jining, Guangdong Qingyuan, and Wuhan, Hubei have temporarily lowered the interest rate of first-home commercial personal loans by 15 basis points. The current commercial loan interest rates of first-home commercial loans implemented by many banks in these cities have dropped below 4%, mostly 3.95%, and the lowest can reach 3.7%. It is estimated that after the adjustment, a 30-year 1 million yuan commercial loan can save 31,200 yuan interest.
Compared with the total housing price, the interest rate reduction does not seem to be much interest, but for many families, "it is a little bit of saving." Ms. Fang, a Beijing consumer who recently wanted to change to a second-hand house, told the China Consumer News reporter: "If you want to buy a house, you have to be careful. The reduction of provident fund loan interest rates can relieve some pressure. Recently, favorable policies in the real estate market have been introduced, which is also one of the factors that I am determined to buy a house."
03 Regulatory policy boosts market confidence
Continuous adjustments in the real estate market policy have played a positive role in the stabilization of market confidence and expectations.
Chief economist of Jinghui Think Tank Hu Jinghui believes that in the future, can ensure the payment of buildings, people's livelihood, reduce the down payment ratio, and relax purchase restrictions on to truly boost market confidence. In his opinion, the down payment ratio for the first home purchase is reduced to 10%, and the down payment ratio for the second home is reduced to 20%-30%, which will have a greater impact on the housing market.
Zhou Maohua, a macro researcher at the Financial Market Department of Everbright Bank, said that we should seize the key window period for stabilizing growth and introduce phased and differentiated policies to stabilize the increase in the real estate market. In the case of controllable risks, we should implement policies based on the city, moderately relax the space for mortgage interest rates, reduce the cost of buying a house in urgent need, and promote the recovery of demand for the real estate market.
Li Yujia, chief researcher of the Housing Policy Research Center of Guangdong Provincial Urban and Rural Planning Institute, told the China Consumer News reporter that in addition to reducing mortgage interest rates to promote more demand release, we must also make efforts on the supply side, encourage developers to reduce prices and promote more ordinary commercial housing at medium and low prices and small and medium-sized apartments; at the same time, we must accelerate the disposal of real estate risks and accelerate the maintenance and delivery of buildings to boost market confidence.
Produced by China Consumer News New Media Editorial Department
Source/China Consumer News·China Consumer Network
Reporter/Sun Wei
Editor/Pei Ying
Producer/He Yongpeng Ren Zhenyu
