LPR has not changed for three consecutive months Experts: There is still room for downward adjustments in mortgage rates during the year

　　China News Agency, Beijing, June 22 (Reporter Pang Wuji) The quoted interest rate (LPR) in the Chinese loan market has remained unchanged for three consecutive months.

　　On the 22nd, the People's Bank of China authorized the National Interbank Interbank Center to announce the latest LPR. Among them, the 1-year LPR was 3.85% and the 5-year LPR was 4.65%, all of which remained unchanged.

　　In this regard, Xu Xiaole, Chief Market Analyst of Shell Research Institute, believes that after the early RRR cuts and interest rate cuts, the current liquidity in the market is relatively abundant, and it is not necessary to continue to reduce LPR.

　　Since 2020, the reserve ratio of small and medium-sized deposit financial institutions has been lowered three times. In the past three months, the growth rate of broad currency M2 has risen to more than 10% in the past three years. The 5-year LPR linked to the mortgage rate has been lowered twice, from 4.8% to 4.65%, and the 1-year LPR has dropped from 4.15% to 3.85%.

　　From the perspective of the actual mortgage interest rate, since the LPR reform in August 2019, the interest rate level has a downward trend.

　　According to the statistics of E-House Real Estate Research Institute, the interest rate of the first home loan in 64 cities in China was 5.43% in June, which was the same as that in May. Since September last year, the interest rate of the first home mortgage in 64 cities has continued to decline and is currently at a historically low level.

　　Based on the mortgage loan model of “1 million yuan principal (RMB, the same below), 30-year term, equal principal and interest”, according to the agency’s statistics, the average monthly supply in 64 cities in China was 5,637 yuan in June, compared with 5,731 yuan at the beginning of the year. The level has been reduced by 94 yuan.

　　Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, said that the LPR interest rate has been announced in the first half of this year, which has been revised down in February and April respectively, which generally reflects a relatively loose policy orientation. He expects that there will still be room for decline in interest rate levels in the second half of the year.

　　According to data released by the Shell Research Institute, since 2020, the first home loan interest rate in 32 monitored cities has fallen by a total of 26 basis points, and the second set of interest rates has fallen by 24 basis points. The housing loan interest rate fell slightly more than the LPR.

　　Xu Xiaole said that in order to cope with the pressure of economic growth and support the real economy, China has proposed a stable monetary policy that is more flexible and appropriate, and resolutely not engage in flooding. Under the keynote of “no housing, no speculation”, the flow of funds to the real estate sector is still strictly regulated. Take second-hand housing in key first- and second-tier cities as an example. After the epidemic, the demand for home repairs has entered a platform period, and the market will naturally fall in the near future. (Finish)