The 5-year LPR is cut by 15 basis points, and the first-home loan interest rate in some cities has dropped to 4.25%

　　How much money can you save with a lower mortgage rate?

　　The five-year loan market quoted rate (LPR), released on Friday, was 4.45%, down 15 basis points from 4.6% in April.

Yesterday was the first working day after the LPR rate cut. A reporter from Beijing Youth Daily learned that since the mortgage interest rates are generally priced on the basis of LPR, the latest mortgage interest rates have been implemented in various places. basis point.

In addition, on May 15, the lower limit of the national first-home loan interest rate was also lowered by 20 basis points. At present, the first-home loan interest rate in some cities has dropped to the national lower limit, which is 4.25%.

　　Mortgage interest rates in Beijing lowered simultaneously

　　Save more than 80 yuan in interest per month

　　The housing loan interest rate in Beijing has been stable in recent years. The current personal housing loan pricing benchmark is: the first set of commercial personal housing loan interest rate shall not be lower than the corresponding period LPR + 55 basis points, and the second set of commercial personal housing loan interest rate shall not be lower than the corresponding period. LPR + 105 basis points, 0.55 and 0.45 percentage points higher than the national interest rate floor, respectively.

The longest mortgage term in Beijing is 25 years.

　　Yesterday, a number of bankers in Beijing said that the mortgage interest rate of their bank has been implemented in accordance with the new 5-year LPR, the first mortgage interest rate has been reduced from 5.15% to 5%, and the second mortgage interest rate has been reduced from 5.65% to 5.5%. %.

　　How much interest would a 15 basis point cut in interest rates save new home loan customers?

　　For the first home loan, a 20-year loan of 1 million yuan is repaid in equal principal and interest methods. The monthly payment before the rate cut is 6,682.70 yuan, and after the rate cut is 6,599.56 yuan, a decrease of 83.14 yuan; if the loan term is extended to 25 years, the monthly payment before the rate cut is 5,933.63 yuan. Yuan, after the rate cut, the monthly payment was 5845.90 yuan, a decrease of 87.73 yuan.

　　Calculated based on the interest rate of the second home loan, a 20-year loan of 1 million yuan is 6,963.87 yuan before the rate cut, and 6,878.87 yuan after the rate cut, a decrease of 85 yuan; after the loan term is increased to 25 years, the monthly payment before the rate cut is 6,230.78 yuan and 6,140.87 yuan after the rate cut. , reduced by 89.91 yuan.

　　It is not difficult to see that with a reduction of 15 basis points, regardless of the specific mortgage interest rate and term, the monthly payment of a million-dollar loan can save more than 80 yuan in interest.

Of course, the larger the loan amount, the greater the impact.

If the loan amount is 5 million, the monthly interest expense will be reduced by more than 400 yuan, which can save more than 5,000 yuan a year.

　　First-time home loan interest rates in some cities

　　has dropped to 4.25%

　　On May 15, the central bank and the China Banking and Insurance Regulatory Commission issued a notice to adjust the differentiated housing credit policy. For households who take out loans to buy ordinary self-owned houses, the lower limit of the first commercial personal housing loan interest rate will be reduced from LPR to LPR minus 20. Basis point, calculated according to the LPR at the time, the lower limit of the nationwide first-home loan interest rate dropped from 4.6% to 4.40%.

After the LPR was lowered on May 20, the lower limit of the first home loan interest rate was further reduced to 4.25%.

　　According to incomplete statistics, after the central bank and the China Banking and Insurance Regulatory Commission released differentiated housing credit policies on May 15, the minimum mortgage interest rate for the first home in 20 cities has dropped to 4.4%.

　　Yesterday, a reporter from Beiqing Daily learned that some banks in Tianjin, Zhengzhou, Kunming, Suzhou and other cities have followed the reduction of LPR to further reduce the lower limit of the first home loan interest rate to 4.25%.

Generally speaking, customers with good credit and stable income are more likely to enjoy the lowest interest rates.

　　For first-time homebuyers in these areas, the 15 basis point reduction in the LPR and the 20 basis point reduction in the lower limit of interest rates add up to a total of 35 basis points of recent home loan interest rate reductions.

　　Take the first home loan of RMB 1 million with equal principal and interest repayment as an example, if the loan term is 30 years, the interest rate before the rate cut is 4.6%, and the monthly payment is 5,126.44 yuan; after the rate cut, the interest rate becomes 4.25%, and the monthly payment becomes 4,919.40 yuan. It can be reduced by about 207 yuan per month, and 2484.48 yuan can be saved a year. If the loan is 3 million yuan, a total of 7453.44 yuan can be saved every year.

　　If the loan term is 25 years, the monthly payment before the rate cut is 5,615.24 yuan, and after the rate cut, the monthly payment becomes 5,417.38 yuan, and the monthly interest saved is 197.86 yuan.

　　Stock Mortgage Customers

　　May not be able to enjoy the latest interest rates this year

　　It should be reminded that the majority of stock mortgage customers may not be able to enjoy the dividends of this interest rate cut immediately.

　　According to data provided by the central bank, in August 2020, the conversion of existing loan pricing benchmarks was completed as scheduled.

Among them, the cumulative conversion of existing personal housing loans was 28.3 trillion yuan, 64.3 million households, and the conversion ratio was 99%, of which 94% were converted to reference LPR pricing.

This means that there are still a small number of stock mortgages with fixed interest rates.

Mortgage rates for such customers will not be affected by changes in the LPR.

　　The floating interest rate stock mortgage will adjust the interest rate on a regular basis according to the contract.

Generally, banks stipulate that the re-pricing cycle is one year, and the re-pricing date is stipulated in the contract. On the re-pricing date every year, the actual mortgage interest rate of the current year is determined according to the corresponding LPR situation.

　　The Beiqing Daily reporter learned from many banks that the re-pricing date of mortgage interest rates for existing customers is generally divided into two situations. The first is January 1 every year; day.

Some banks have unified regulations, while others allow customers to choose between the two situations.

　　Existing mortgage customers who were repriced on January 1 will not be able to enjoy this latest interest rate within this year, and need to wait for January 1, 2023 to be determined based on the LPR in December 2022.

　　For customers whose re-pricing date is determined based on the loan disbursement date, if the re-pricing date is on or before May 20, the price has been re-priced this year, and it needs to wait until next year to adjust the price; only customers whose re-pricing date is on or after May 21 will You can enjoy the latest interest rate after this adjustment this year. Of course, it also depends on the changes in the LPR of the latest period from the re-pricing date.

　　sound

　　Mortgage interest rates still have room to drop in the future

　　Many people in the industry believe that although the mortgage interest rate has fallen significantly compared with the previous period, there is still room for decline in the future.

　　Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, believes that the central bank and the China Banking and Insurance Regulatory Commission have previously clarified the pricing idea that the lower limit of the first-home loan interest rate is not lower than "LPR-20 basis points for the corresponding period". , which will further guide the decline in mortgage interest rates.

This also means that there is a possibility of further reductions in the subsequent mortgage interest rates.

Judging from the current transaction data in key cities across the country in the first and mid-May, although there is a weak recovery compared to April, the year-on-year decline is still very large. Similar to the reduction of the basis point of the mortgage loan, the action to guide the reduction of the mortgage interest rate still needs to be adhered to.

　　Wang Qing, chief macro analyst at Dongfang Jincheng, said that historical laws show that to help the property market stabilize and recover, it is necessary to reduce the mortgage interest rate by a large margin, which means that in the future, it is still possible to directly drive the quotation of LPRs with a maturity of more than 5 years to further decline in the future.

　　Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, predicts that in the future, some areas with relatively large supply and weak demand in the real estate market will see a significant reduction in the basis of interest rate quotations for mortgages.

However, on the whole, the domestic property market has the word "stable" at the forefront, adheres to the positioning of housing and housing, not speculation, promotes local policies and precise regulation, implements the "three stability" tasks, and promotes the stable and healthy development of the property market.

All localities will also flexibly adjust the base point of mortgage interest rates according to the real estate market and regulatory requirements.

　　Text / reporter Cheng Jie