At the beginning of the new year, many cities focused their property market policies on "cost reduction" and adjusted mortgage interest rates.
On January 9, public information in the market showed that the interest rate of the first home loan of many banks in Nanjing increased from 40% down to 39%, and the interest rate on second home loans remains unchanged at 45%。
According to the data of 70 cities released by the National Bureau of Statistics, Nanjing's new houses** decreased month-on-month and year-on-year for four consecutive months from August to November last year. Some local bankers said that if in accordance with the "Notice on the Establishment of a Long-term Mechanism for the Dynamic Adjustment of the Interest Rate Policy of the First Housing Personal Housing Loan" jointly issued by the Central Bank and the China Banking and Insurance Regulatory Commission last year, Nanjing meets the standard of the dynamic adjustment mechanism of the first housing loan interest rate, which is also the first time that the interest rate of the first home loan in Nanjing has fallen below 4% in recent years, which is conducive to reducing residents' interest expenses and improving the enthusiasm of home buyers to enter the market.
Lu Wenxi, an analyst at Shanghai Zhongyuan Real Estate Market, said that from the signal point of view, Nanjing's reduction of the first home loan interest rate can create a relaxed atmosphere for the market and buyers, convey confidence, and also provide convenience for buyers, reducing some pressure on home buying and monthly payments. "In the future, some cities with high real estate market pressure will definitely follow suit to lower interest rates. ”
According to the monitoring of the Shell Research Institute, in December 2023, the average mortgage interest rate of the first and second sets of Baicheng decreased slightly from the previous month, and the average interest rate of the first mainstream mortgage was 386%, and the average interest rate of the two sets of mainstream mortgages is 441%。According to the estimate of the Shell Research Institute, the mortgage interest rate cut in 2023 is expected to save about 18.5 billion yuan in interest for home buyers across the country. Zheng Juntong, an analyst at the China Index Research Institute, believes that reducing the cost of buying a house and lowering the threshold for buying a house are still the focus of policy optimization, and the core city policies may continue to be optimized in the future.
It is worth mentioning that at the beginning of the new year, many cities across the country have lowered the interest rate of the first home loan. On December 28 last year, the WeChat of "Foshan Real Estate Association" showed that according to the latest news from commercial banks, Foshan has applied for the implementation of the policy of canceling the lower limit of the interest rate of the first set of commercial personal housing loans in stages, which will be officially implemented on January 1, 2024. The specific mortgage interest rate shall be determined by each commercial bank on its own in accordance with the principles of marketization and legalization. Some analysts estimate that the interest rate on personal housing loans in Foshan will drop to 36% to 38% between.
From January 1, 2024, Dongguan City will implement the phased cancellation of the lower limit of the interest rate of commercial personal housing loans for the first housing in the jurisdiction, and the specific housing loan interest rate will be determined by each commercial bank independently in accordance with the principles of marketization and rule of law. It is reported that the lower limit of the interest rate on the first housing of most banks in Dongguan was 41%, and now the lower limit of the interest rate for the first home is lifted, which is conducive to reducing residents' interest expenses and better supporting the demand for rigid housing. It is reported that at present, the interest rate of the first home loan of some banks in Dongguan has been 38% execution.
Residents are extremely sensitive to the cost of buying a house, and many of the regulatory policies introduced in 2023 are related to cost reduction, such as raising interest rates, adjusting preferential standards for ordinary housing, and reducing value-added tax. Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, further pointed out that "it is expected that in 2024, all localities will increase 'cost reduction' measures to improve the consistency of macro policies and micro feelings, and one of the important points is to reduce mortgage interest rates." ”