This article**[China News Network];
**February 22 (China News Financial Reporter Zuo Yukun) Known as the "most fierce" interest rate cut in history, it has been quickly implemented.
On February 20, the People's Bank of China authorized the National Interbank Lending Center to announce the latest loan market ** interest rate (LPR), and the one-year LPR remained at 345% unchanged, LPR over 5 years cut by 25 basis points from 42% to 395%。
What is special is that this is an asymmetric interest rate cut, and the reduction of LPR with a maturity of more than 5 years is the largest decline since the anchor change in 2019, and the mortgage interest rate is further close to the lowest level in history.
The interest rate of the first home loan in more cities has entered the "3 era".
The LPR cut was 25 basis points (bps) at a time, the largest cut on record, and the largest cut in the past was only 15 basis points. Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, said.
Chen Wenjing, director of market research at the China Index Research Institute, further pointed out that after the reduction, the current lower limit of the mortgage interest rate for the purchase of the first and second homes has been reduced to 375% (LPR over 5 years - 20 basis points.)15% (LPR + 20 basis points for more than 5 years), which is further close to the record low, and the mortgage interest rate in some cities has fallen to the lowest level in history.
According to the monitoring data of the Shell Research Institute, the average interest rate of the first mainstream mortgage in Baicheng in January was 384%, down 2bp from the previous month; The average interest rate of the two sets of mainstream mortgages is 441%, unchanged from the previous month. As of mid-January this year, the interest rate of the first home loan in 60 of the 100 cities has entered the "3 era"; After this adjustment, there may be more cities with first-home loan interest rates below 4%.
Taking Beijing, which currently has the highest mortgage interest rate, as an example, the Zhongxin financial reporter consulted the personal loan departments of China Construction Bank and Agricultural Bank of China on February 21, and all said that the adjustment of mortgage interest rates has "fallen in response" today: the first home loan interest rate in the six districts of the city (Dongcheng District, Xicheng District, Chaoyang District, Haidian District, Fengtai District and Shijingshan District of Beijing) has been adjusted to 405%, 4 for the second set55%；The interest rate on the first home loan in the six non-urban districts has been adjusted to 395%, the second set is adjusted to 45%。
In addition, a number of banks in Shanghai have also confirmed the reduction of mortgage interest rates based on LPR, and the interest rate on first home loans has been adjusted to 385%, second home loan interest rate 425%。
In some cities, especially small and medium-sized cities, the mortgage interest rate is lower than 35% is very likely, and the (commercial) mortgage interest rate is constantly approaching the CPF loan interest rate (3.).1%), applying for housing loans has become a cost-effective thing, and the housing loan market in these key cities will continue to be active. Yan Yuejin, research director of the E-House Research Institute, said.
The stock of mortgages also had an impact.
In addition to the decline in the interest rate of new mortgages, the interest rate of existing mortgages is also likely to be lowered again. However, whether you can save money and when you start saving money varies from person to person.
First of all, for home buyers who have previously given up switching to LPR and choose a fixed interest rate, the mortgage interest rate has nothing to do with the LPR adjustment, and the mortgage will not change; For mortgage customers with variable interest rates, the mortgage interest rate is not immediately adjusted with the decline of the LPR, but is related to the repricing date of the mortgage interest rate.
Specifically, some loan interest rates are readjusted at the beginning of each year. That is, the repricing cycle agreed between the buyer and the bank is 1 year, and the repricing date is January 1 of each year, and the 5-year LPR reduction will not affect the amount of mortgage to be repaid every month this year. It will be adjusted according to the latest LPR in December 2024 until January 2025.
There is also a part of the loan interest rate that is repriced on the date on which the loan is disbursed. For example, for existing mortgage customers whose repricing date is February 21, the mortgage interest rate reduction will take effect immediately. However, for specific situations, please contact the loan handling bank for consultation.
On the social platform, some netizens shared their luck in catching up with this adjustment: "According to my loan contract, the annual interest rate adjustment is based on the LPR of the day before the loan date, and we are loaned on February 21, so we can adjust the interest rate for the next year according to the latest LPR on February 20." The message was released in the morning, and the display in the app changed in the evening, which was indeed an unexpected joy. ”
Even if not everyone can take effect immediately, this change in interest rates has brought good mood to other existing mortgage customers in advance. Ms. Guo, who took out a loan to buy a house in Beijing, is one of them.
I started paying my mortgage in July 2023, when the LPR was 42%, plus 55 basis points is 4The interest rate of 75% is not at the peak, but it is indeed not a small pressure. I've been keeping a close eye on the new mortgage policy. Ms. Guo said.
After the LPR adjustment, Ms. Guo, who has a monthly payment of about 15,000 yuan, immediately made a rough calculation and found that she could repay the loan by about 400 yuan less every month. "My repricing day is April 21st, which is very close, so I'm very happy. ”
In recent years, the lower limit of the first home loan interest rate in Beijing has been LPR+55 basis points, and the lower limit of the second set of interest rates has been LPR+105 basis points. An adjustment was made in mid-December last year, but for new loans, the existing loans are still relatively stable, and this time the expectations of existing customers have finally been fulfilled. A real estate related person in Beijing told reporters.
At the same time, he revealed that in the past two days, many existing customers have also consulted the operation of changing the repricing date in order to enjoy the discount earlier. "Some customers made changes in mobile banking as soon as they knew about the adjustment, and the monthly payment could be repaid less the next month after success; But there is also customer feedback that the time can be changed, but it will not take effect until next year, which is meaningless. ”
Since the fourth quarter of last year, relevant departments have frequently expressed their support for the real estate market, and the industry believes that the interest rate cut at the beginning of the year reflects the consideration of monetary policy to move forward and stabilize the start.
The LPR reduction will benefit a wide range of groups, further reduce the cost of buying a house, encourage buyers with housing needs to enter the market, and also lay the foundation for the property market to sprint to Xiaoyangchun. Wang Xiaochang, chief analyst of Zhuge Data Research Center, believes that with the end of the Spring Festival holiday, the pace of home buyers entering the market has accelerated and the LPR has been lowered, and it is expected that the market transaction scale will usher in a significant increase in March. (ENDS).