The first-home loan interest rate in many places has entered the "3" era
The lower limit of the first-home loan interest rate in the six cities of Guangdong is phased out and the minimum first-home loan interest rate is reduced to 3.7%
Zhaoqing, Shaoguan, Zhanjiang and other six cities in Guangdong have announced the cancellation of the lower limit of the first-home loan interest rate.
Yesterday, a reporter from Beijing Youth Daily consulted local banks and intermediaries and found that the lowest first-home loan interest rate in these areas has dropped to 3.7%-3.9%. On the whole, it is basically the same as other cities that have recently adjusted, and has not exceeded 3.7%. The lowest level in the country.
It is understood that many cities across the country have lowered the lower limit of the first-home loan interest rate. The first-home loan interest rate is generally lower than 4%, and the lowest has dropped to 3.7%.
market
The lowest interest rate for first-home loans in some cities has dropped to 3.7%
A few days ago, Guangdong Mobile’s government service platform “Guangdong Province” disclosed that the six cities of Zhaoqing, Shaoguan, Zhanjiang, Huizhou, Yunfu, and Jiangmen will gradually cancel the lower limit of first-home loan interest rates starting from January 18.
According to the arrangement, if the sales price of newly-built commercial housing in the follow-up evaluation period has risen for three consecutive months month-on-month and year-on-year, starting from the next quarter, these areas will resume the implementation of the nationally unified lower limit on the first-home commercial personal housing loan interest rate.
This is the first batch of cities to announce the phased cancellation of the lower limit of the first housing commercial personal housing loan interest rate after the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice on January 5, deciding to establish a dynamic adjustment mechanism for the first housing loan interest rate policy.
According to the information disclosed on the day of "Guangdong Province Events", the lower limit of the local first-home loan interest rate in Huizhou was 4.1%.
A local real estate agent in Huizhou told Beiqing Daily that the lower limit of 4.1% has indeed been abolished. At present, two large state-owned banks can achieve a minimum first-home loan interest rate of 3.8%, while the rest of the banks implement 3.9%.
According to a real estate agency in Zhanjiang, the current first-home loan interest rate in Zhanjiang is 3.9%, which was 6.1% in May last year, which has dropped a lot in less than a year.
The staff of a Zhanjiang branch of a large state-owned bank also confirmed that the bank’s first-home loan interest rate can now be as low as 3.9%, depending on the actual situation of the applicant; in addition, according to national policies, the follow-up mortgage interest rate may also vary with market conditions. Make adjustments.
A staff member in charge of loans at a branch of a state-owned bank in Shaoguan said that the bank's first-home loan interest rate has been adjusted from 4.1% to 3.7%.
After October 1 last year, the first-home loan interest rate of major commercial banks in Jiangmen City has dropped to a historical low of 3.9%.
However, starting from January 1, 2023, the mainstream interest rate for first-home loans in the city will return to 4.1%.
Starting from January 18, Jiangmen will gradually cancel the lower limit of the first-home loan interest rate, and each bank can independently determine the first-home loan interest rate.
At that time, industry insiders predicted that the city was expected to cut the first-home loan interest rate to a historical low of 3.9%.
But at present, real estate agents in Jiangmen say that the lower limit of local first-home loan interest rates is still 4.1%.
A number of local banks and intermediaries said that although banks can set their own prices after the lower limit of the first-home loan interest rate is abolished, the actual interest rate that buyers ultimately get is closely related to their credit qualifications.
In addition, different banks in different regions may have different standards for whether it is recognized as the first house.
policy
Since last year, the housing loan interest rate policy has been optimized and adjusted many times
Since 2022, the downward pressure on real estate markets in many places has increased.
As a powerful starting point to boost demand and promote market recovery, the mortgage interest rate policy has been adjusted and optimized many times.
On May 15 last year, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice stating that for households who borrowed to purchase ordinary self-occupied houses, the lower limit of commercial personal housing loan interest rates for the first set of housing was adjusted to no less than the corresponding period LPR minus 20 basis points, and the second set The lower limit of the interest rate policy for housing commercial personal housing loans shall be implemented in accordance with the current regulations.
Prior to this, the lower limit of the interest rate implemented at the national level was that the interest rate of the first home loan should not be lower than the LPR of the corresponding period, and the interest rate of the second home loan should not be lower than the LPR of the corresponding period plus 60 basis points.
As soon as the new policy came out, commercial banks in many places lowered the mortgage interest rate one after another.
On the evening of September 29 last year, the People’s Bank of China and the China Banking and Insurance Regulatory Commission once again issued favorable policies for real estate: eligible cities can independently decide to maintain, reduce or cancel local new real estate policies in stages before the end of 2022 according to changes in the local real estate market situation and regulatory requirements. The lower limit of the interest rate for the issuance of first-home housing loans.
Specifically, "eligible cities" refer to cities in which the sales prices of new commercial housing have continued to decline month-on-month and year-on-year from June to August 2022.
In January 2023, the long-term mechanism for the dynamic adjustment of the interest rate policy of the newly issued first set of personal housing loans was officially established.
According to the latest notice, cities where the sales price of new 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 loan interest rate policy in stages.
At the same time, in 2022, the LPR with a period of more than five years will be reduced by 35 basis points.
Superimposed on the dynamic adjustment mechanism of the first-home loan interest rate policy, the first-home loan interest rate has continued to decline in many places, and some have entered the "3" era.
According to the statistics of the Shell Research Institute, in January 2023, the average interest rate of the first home loan is 4.10%, and the average interest rate of the second home is 4.91%, a year-on-year decrease of 146 basis points and 93 basis points respectively.
As of January 16, monitoring data showed that there were 11 cities with first-home loan interest rates lower than 4.1%.
According to the monitoring data of the China Finger Research Institute, as of December 30, 2022, nearly 30 cities across the country have lowered the first-home loan interest rate to below 4%, and the loan interest rate in some cities has dropped to historical lows.
Recently, commercial loan interest rates of banks in Zhengzhou, Tianjin and other places have also been adjusted. The lowest interest rate for first-home loans in Zhengzhou has been reduced to 3.8%, and the first-home loan interest rate of some banks in Tianjin has been lowered to 3.9%.
Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Institute of Urban Planning, pointed out that according to the latest LPR with a period of more than 5 years, the lower limit of the first-home loan interest rate implemented at the national level has dropped to 4.1%.
Based on the adjustment of the lower limit of the first-home loan interest rate in the leading cities, it is expected that most eligible cities will follow suit, and it is possible to drop it to 3.8%, 3.9% or even below.
analyze
Expert: Mortgage interest rate cuts need to work together with other policies
Zhang Dawei, chief analyst of Centaline Real Estate, believes that the reduction of mortgage interest rates in some cities to 3.8% is just the beginning, and it is likely that only a few cities will have mortgage interest rates higher than 4%, and the mortgage interest rates in most cities across the country will enter the "3" era.
With the deposit rate basically entering 1%-2%, it is an inevitable trend that the mortgage rate, especially the first home loan rate, will enter the "3" era.
Zhang Dawei further pointed out that the continued reduction of mortgage interest rates can reduce the cost of home buyers. The continuous reduction of interest rates is also to implement the State Council's requirement of "supporting rigid and improved demand for housing", which will play a positive role in stabilizing market confidence and market expectations.
However, it should be noted that the cities eligible for the reduction of new mortgage interest rates are basically concentrated in the third- and fourth-tier cities and some second-tier cities with high inventory pressure in the real estate market. At present, none of the real estate hotspot cities has implemented the first set of mortgage interest rates lower than 4.1%.
At the same time, Zhang Dawei pointed out that although the fine-tuning and easing policy of real estate has become more and more rich and powerful, the current market confidence has not yet been fully restored.
The recovery of the real estate market depends on the overall economic recovery.
The reduction of mortgage interest rates will have a certain effect only when the delivery guarantee is guaranteed and the supply and demand are stable.
"The market is also paying attention to the adjustment policy of second-home mortgage interest rates and mortgage interest rates in first- and second-tier cities. More home buyers are still expecting the stock mortgage interest rates to continue to be lowered. If you simply lower the mortgage interest rates for new home purchases in cities where housing prices continue to decline, it will affect the market. The impact is limited." Zhang Dawei said.
Li Yujia also believes that the dynamic adjustment mechanism of the first-home loan interest rate policy adjusts the lower limit of the first-home loan interest rate. The specific pricing of the home loan is determined by the bank and the customer, which is related to the bank's willingness and market conditions.
However, in order to boost the weak market demand, the mortgage interest rate policy needs to work together with other policies on both sides of supply and demand.
At present, the most important thing is to restore market confidence and expectations. It is necessary to consolidate the demand foundation of the property market by increasing the basic guarantee for low-income and needy groups, promoting supply-side structural reforms such as guaranteed rental housing, and creating more jobs.
Text/Reporter Cheng Jie Coordinator/Yu Meiying