China News Agency, Beijing, February 21 (Reporter Pang Wuji) The People's Bank of China authorized the National Interbank Funding Center on the 21st to announce the latest loan market quoted rate (LPR), with a 1-year LPR of 3.7% and a 5-year LPR above. It was 4.6%, both unchanged from the previous month.
Recently, the 1-year LPR was cut by 5 basis points and 10 basis points in December last year and January this year, and the 5-year LPR was cut by 5 basis points in January this year.
The effect of LPR downregulation began to appear.
The mainstream housing loan interest rate data in key cities released by the Shell Research Institute on the same day shows that in February 2022, the mainstream first-home mortgage interest rate in 103 key cities monitored by the Shell Research Institute was 5.47%, and the second set of mortgage interest rates were 5.75%, both 9 points lower than the previous month. Basis point; the average lending cycle in February was 38 days, 12 days shorter than the previous month.
Xu Xiaole, chief market analyst at Shell Research Institute, said that the decline in LPR with a maturity of more than 5 years in January was the basis for driving the mortgage rate cut in February.
Mortgage lending rates have more room to fall in February, and interest rates are close to last May.
The loan cycle has accelerated to the level in the third quarter of 2020. The current average loan cycle in 103 cities is less than 40 days.
This is a manifestation of the increased easing of the housing credit environment, which will play a more positive role in improving market expectations, accelerating market transactions or playing a more positive role.
Data from the Shell Research Institute showed that the range of cities that cut mortgage rates in February expanded.
In February, 87 of the 103 cities saw a reduction in the mainstream mortgage interest rates from the previous month, an increase of 28 from the previous month, and there were no cities with an increase in interest rates.
Mortgage interest rates in 30 cities, including first-tier cities, were cut by 5 basis points with the LPR.
Mortgage interest rates in Beijing and Shanghai have dropped for the first time since mid-2020, and there is more room for interest rate cuts.
In February, both the first and second home loan interest rates were adjusted down by 9 basis points month-on-month, the largest drop in a single month since 2019.
The first set of mainstream interest rates in Zhongshan, Hohhot, and Huizhou have been cut by a large margin, reaching 30 basis points.
At present, including Beijing and Shenzhen, nearly 40% of the cities have a loan cycle of less than one month.
The property market is also showing a trend of accelerating repairs.
The agency's data shows that after the Spring Festival, the average daily transaction volume of second-hand housing in Shell 50 cities increased by about 20% compared with the average daily level in January, and the weekly house price index basically stopped falling. easing, and speeding up the repair of market volume and price.