On February 20, the central bank has clearly cut interest rates, which means that our mortgage interest rate, that is, LPR, will be lowered.
This is also the first time that the LPR has fallen since August last year, and the rate cut is still very strongThe five-year LPR was cut by 25 basis points.
That is to say, our mortgage interest rate has increased from the previous 42% down to 395%, which is directly a larger-than-expected reduction in mortgage interest rates.
To know the extent of the reduction of the 5-year LPR throughout 2023It's only 10 basis points in total
Now at the beginning of 2024, it will be directly reduced by 25 basis points, which is still very strong.
The loan is 1 million with equal principal and interest for a term of 30 years, and the mortgage interest rate is from 42% down to 395%, which means monthly paymentsIt can be reduced by 145 yuan per month.
30 years about 5Interest expense of 20,000 yuan.
The main reason why the 5-year LPR has been lowered more than expected is because of the sluggish property market.
According to the data released by the China Index Research Institute, the total sales of the top 100 real estate companies in January 2024 will be 2815300 million yuanA year-on-year decrease of 333%，
The percentage of this decline is very, very large, extremely cold.
Because January 2023 will not only have the impact of the Spring Festival holiday,
There is also the impact of masks just being released and everyone is grabbing medicine,
So the sales figures for properties are very low.
And January 2024 is a full month, so the sales decline can be more than 30%.
It shows that the property market is sluggish.
Therefore, the 1-year LPR has not changed, and the 5-year has fallen more than expected.
To put it bluntly, we must encourage everyone to buy a house and save the property market.
There are several issues that need to be paid attention to in this five-year LPR cut.
First, mortgage interest rates in many cities have broken through the lower limit of LPR
Some are minus 20 basis points on the basis of LPR, and the mortgage interest rate will be reduced to 375, while some cities will reduce 50 basis points from the LPR.
For example, the minimum standard for the implementation of the first home loan interest rate in Zhengzhou is LPR-50BP, which means that the first home loan interest rate in Zhengzhou will be in the futureAs low as 345％，
And I have seen that there are some financial institutions in Zhengzhou that have clearly stated that the interest rate on the first home loan has been reduced to 345%。
Second, the 5-year LPR reduction is mainly aimed at new housing loans
Whether the existing mortgage, that is, the mortgage of the second-hand home owner, can be lowered depends on when the repricing date of your loan is.
If it's before February 20, you will only be able to enjoy the discount next year.
If it is after February 20, then it can be cut by 35 basis points.
Because there are still 10 basis points left to adjust in 2023.
This adds up to a total of 35 basis points.
Third, the pressure of the LPR reduction will also give the provident fund loan interest rate
Because after this cut, the lowest value of the loan interest rate in many cities should be 335％~3.45, which is 31% is already very close, so it is possible that the CPF loan interest rate will also be lowered again.
Fourth, simply complaining, the bank is really too chicken thief, They know that most people's mortgage adjustment date is on January 1 every year, and many people still have room to reduce the LPR before the year, but it has been delayed until the year after the year.
In December last year, the five major banks, the Bank of China, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of Communications, and the China Construction Bank, lowered their deposit interest rates, and the three-year and five-year deposit rates were also cut by just 25 basis points.
Finally, let's talk about the impact of the LPR cut on the entire property market.
First of all, the positive impact is certain, after all, the reduction of the pressure on monthly payments also reduces the cost of buying a home, which is certainly good news for those who have to get on the car in 2024.
Of course, it is also conducive to the further stabilization of the property market, and then think of the four major first-tier cities have liberalized the relaxation policy, which is all accumulating strength for the property market in March and April.
And the purpose of the interest rate cut is ostensibly for the property market
But the main purpose is to stabilize the economy.
So it is still at the bottom of the policy, and there will be more policies in the future.
As for when the bottom of the property market will appear, it depends on the strength of policy relaxation and the stability of the economy.
As for the demand for the property market leveraged by interest rate cuts, it is certainly limited.
Because this is not the first time that mortgage interest rates have been lowered, many cities have implemented 36%~3.7%。
This is also the lowest value in the history of the mortgage interest rate, but the effect is not as big as imagined, and it has been lowered by 25 basis points, saving more than 50,000 yuan in 30 years with a loan of 1 million.
Although it is a lot, it is similar to a shopping voucher compared to the high-standard object of the house.
Therefore, in 2024, it is still necessary to focus on stability.