After the central bank and the China Banking and Insurance Regulatory Commission announced the establishment of a dynamic adjustment mechanism for the first-home loan interest rate policy, many places have adjusted the first-home loan interest rate in response.

On January 30, a reporter from the Beijing Business Daily found that Zhengzhou, Tianjin, Zhanjiang, Shaoguan and many other places have joined the "interest rate cut" team for first-home loans. Many banks in these cities are currently implementing first-home mortgage loan interest rates. Into the "3" era, the lowest dropped to 3.7%.

With the establishment of a dynamic adjustment mechanism for first-home loan interest rates, the policy of gradually relaxing the lower limit of first-home loan interest rates has become increasingly normal.

Analysts predict that there will be follow-up adjustments in more cities in the future, and interest rates in individual cities with greater real estate sales pressure may drop more.

The first home loan "interest rate cut" in many places

　　Many places have successively joined the ranks of first-home loan interest rate declines.

On January 30, a reporter from Beijing Business Daily learned from a number of banks in Zhengzhou, Tianjin, and Wuhan that the mortgage interest rates for first homes in the above-mentioned areas have been lowered, officially entering the "3" era.

　　The mortgage manager of a branch of Zhongyuan Bank said that since January 29, the bank's first-home loan interest rate has been lowered to 3.8%, and the specific execution time is temporarily uncertain.

The staff of the Zhengzhou local sub-branches of many state-owned banks also introduced that on January 29, the first-home loan interest rate has been lowered from 4.1% to 3.8%.

As for the reason for the adjustment, the housing loan manager of a state-owned bank branch revealed that the adjustment is mainly based on the central bank's policy. When the current interest rate will be implemented and whether it will be raised in the future, we need to wait for notice.

　　It is understood that on January 5, the central bank and the China Banking and Insurance Regulatory Commission issued the "Notice on the Establishment of a Long-term Mechanism for Dynamic Adjustment of the Interest Rate Policy of Personal Housing Loans for Newly Issuing the First Set of Housing" (hereinafter referred to as the "Notice"), deciding to establish the first set of housing loan interest rate policy Dynamic adjustment mechanism.

Cities where the sales prices of newly-built commercial housing have declined for three consecutive months month-on-month and year-on-year may maintain, lower or cancel the lower limit of the local first-home mortgage interest rate policy in stages.

　　In addition to Zhengzhou, in accordance with the requirements of the "Notice", the Tianjin Branch of the People's Bank of China revealed in an interview with the media that the city will implement a dynamic adjustment mechanism for first-home loan interest rates from January 2023, and the lower limit of loan interest rates "is not lower than the corresponding period LPR-40BP." .

On January 30, a reporter from Beijing Business Daily learned from a number of banks in Tianjin that the current loan interest rate for the first home in Tianjin is 3.9%.

An employee of a local branch of a state-owned bank in Tianjin said that the first-home loan interest rate is 3.9%, and the specific implementation will be adjusted according to individual circumstances.

The housing loan manager of another state-owned bank's local branch in Tianjin also said that the first-home loan interest rate is implemented in accordance with "LPR-40BP", which is currently 3.9%.

　　There is also Wuhan, where the first-home loan interest rate has been "cut down", and the first-home loan interest rate has undergone more frequent adjustments from the end of last year to the beginning of the year.

According to the housing loan manager of a large state-owned bank in Wuhan, since last year's phased reduction of the first-home loan interest rate to 3.9%, the interest rate has risen to 4.1% at the beginning of this year, and since the first-home loan interest rate dynamic adjustment mechanism was issued, the interest rate has been lowered to 3.9% %, which is still implemented at 3.9%, but the specific interest rate depends on the real estate.

　　Regarding the reduction of the first-home loan interest rate in many places, Guan Rongxue, a senior analyst at the Zhuge Housing Data Research Center, said that the main reason may be that he hopes to use timely and good pricing tools to promote the recovery of the property market as soon as possible, accelerate product de-alization, and increase the flow of the real estate industry. sex and confidence.

At the same time, promoting the further release of housing demand and boosting housing consumption can also enhance the real estate sector's pull on the local economy, promote the market to recover as soon as possible and gradually enter a virtuous circle of development.

For home buyers, this is good news. Lowering the first-home loan interest rate means that the total amount of interest repayments for home buyers will be reduced, which will moderately reduce the pressure on home buyers.

Periodic adjustment of interest rates according to city policies

　　The housing loan interest rate policy is linked to the price trend of newly built housing and adjusted dynamically. According to the requirements of the "Notice", cities where the sales price of newly built commercial housing have declined for three consecutive months month-on-month and year-on-year can gradually relax commercial personal housing loans for the first set of housing interest rate floor.

However, if the sales price of newly-built commercial housing during the follow-up evaluation period has risen for three consecutive months month-on-month and year-on-year, the lower limit of the nationally unified first-home commercial personal housing loan interest rate should be resumed from the next quarter.

　　According to the data provided by the Think Tank Center of the E-House Research Institute, among the 70 large and medium-sized city housing price index data of the National Bureau of Statistics, in addition to Zhengzhou, Tianjin, and Wuhan, there are 35 cities such as Dalian, Lanzhou, Jiujiang, Shaoguan, and Zhanjiang that meet the stage Relax the minimum interest rate requirements for commercial personal housing loans for the first set of housing.

　　Previously, the People's Government of Jiujiang City, Jiangxi Province issued an announcement stating that starting from January 18, the lower limit of interest rates for commercial personal housing loans for the first housing in the city will be adjusted to LPR-30BP. If the monthly average rises, the lower limit of the nationally unified commercial personal housing loan interest rate for the first home will be restored starting from the next quarter.

　　On January 30, a reporter from Beijing Business Daily learned from a branch of Bank of Jiujiang that the bank's first-home loan interest rate had been lowered from 4.1% to 4%.

However, banks adjust their first-home loan interest rates at different paces. According to surveys, the first-home loan interest rates of some state-owned banks and joint-stock banks in the Jiujiang area have not changed yet, remaining at 4.1%.

　　Zhanjiang and Shaoguan also implemented the phased cancellation of the lower limit of commercial personal housing loan interest rates for the first house in accordance with the "Notice".

A reporter from Beijing Business Daily learned from several banks in Zhanjiang and Shaoguan that at present, the interest rates on first-home loans in both places have been lowered.

A staff member of the Zhanjiang branch of a joint-stock bank said that the current first-home loan interest rate has dropped to 3.9%; a state-owned bank’s Shaoguan branch loan manager introduced that the bank’s first-home loan interest rate has been adjusted from 4.1% to 3.7%.

　　However, at present, the first-home loan interest rates in Dalian, Lanzhou and other places have not yet been adjusted.

A reporter from Beijing Business Daily learned from several bank outlets in Dalian and Lanzhou that the loan interest rate for the first home in Dalian has not changed, and is still 3.95%. However, many bankers in the Lanzhou area said that the interest rate for the first home loan has been 4.1 since October last year. %.

　　Talking about the follow-up trend of first-home loan interest rates in various places, Guan Rongxue believes that it is expected that banks that have not yet adjusted for the time being are likely to follow up. The interest rate will depend on the current market supply and demand, residents' income, etc. It will be adjusted at around 3.8%-3.9%, and some cities with greater real estate sales pressure may be lower than 3.8%.

In addition, this is a dynamic adjustment mechanism, and cities that meet the adjustment may appear in the future, so it may not be limited to these 38 cities.

　　A reporter from the Beijing Business Daily found that the interest rate for first-home loans in Beijing has not changed for the time being, and is still implemented in accordance with "LPR+55BP". The mortgage manager of a state-owned bank in Beijing said, "The mortgage policies implemented in each city are different. Beijing’s first home loan is based on LPR+55BP, and according to LPR fluctuations, the LPR has not been adjusted in the past few months, and it is 4.3%, so the loan interest rate has always been 4.85%.

Is there room for adjustment

　　Since September last year, favorable housing loan policies have been issued frequently. At that time, the central bank and the China Banking and Insurance Regulatory Commission issued a notice to gradually relax the lower limit of the first-home loan interest rate in some cities. Cities with a continuous year-on-year decline can gradually relax the lower limit of commercial personal housing loan interest rates for first homes before the end of 2022.

Since then, Jining, Qingyuan and other cities have lowered the first-home loan interest rate, and the first-home mortgage interest rate implemented by many banks in these cities has dropped below 4%.

　　In the eyes of industry insiders, the establishment of a dynamic adjustment mechanism for first-home loans means that the policy of gradually relaxing the lower limit of first-home loan interest rates has become normalized.

Yan Yuejin, research director of E-House Real Estate Research Institute, believes that the current No. 1 Economic Boosting Document in various places regards boosting housing consumption as an important task.

For other cities, especially second-tier cities such as Dalian, Fuzhou, Harbin, and Lanzhou, it is necessary to adjust the first-home loan interest rate in a timely manner according to market conditions, so as to create conditions for a good start in the real estate market in February, and also establish a policy for other cities in the province where they are located. benchmark.

　　A reporter from the Beijing Business Daily noticed that while the interest rates on first-home mortgages in many places have declined, the interest rates on provident fund loans have also ushered in favorable conditions.

On January 30, the Changsha Housing Provident Fund Management Center issued the "Notice on Clarifying the Multiplier of Personal Loans in 2023", proposing that the loan amount of Changsha city employees (including provincial direct branch centers) can be based on the sum of the balance of the housing provident fund accounts of both the borrower and the husband and wife. The 16 times calculation will come into effect on February 1.

　　Yan Yuejin said that the increase in the loanable multiple of the Changsha provident fund fully reflects the orientation of the Changsha provident fund policy to support home purchases. This type of adjustment has increased by 15 times compared with the past, which fully demonstrates that the current loan amount is further expanded, and the acquisition of loan funds for home buyers, etc. All have positive effects.

　　According to the survey report on urban depositors in the fourth quarter of 2022 released by the central bank, when asked about the items they plan to increase spending in the next three months, 16% of residents choose to buy a house, and the order of choice is one place higher than that in the third quarter of 2022.

　　Regarding the changes in the interest rate of first-home loans in the future, Guan Rongxue predicted that it is still important for the development of various regions to promote the rapid recovery of housing consumption. The economy in various fields and the income of residents are still in the recovery stage. The housing purchase situation in the first quarter will be stable, and there is hope for a more obvious improvement in the second quarter.

The current credit environment is relatively loose. Groups with housing needs can choose an opportunity to enter the market according to their own needs. At the same time, they must also pay attention to the developer's funds and reputation.

　　Yan Yuejin believes that, on the whole, it is expected that the mortgage interest rate will further decline, which will play a positive role in reducing the cost of home buyers and boosting the real estate market.

　　Beijing Business Daily reporter Li Haiyan