On March 21, the central bank authorized the national interbank lending center to announce that the LPR for one-year period was 3.7% and that for more than five-year period was 4.6%. Although it was the same as last month, the LPR level has been at a historical low for nearly three years.
On March 22, the reporter of the daily economic news learned that the mortgage interest rates in Nanjing and Suzhou have been reduced.
Among them, the first mortgage interest rate of some banks in Nanjing fell to 5.4%; The first mortgage interest rate of some banks in Suzhou fell to 4.6%, which was the same as the current LPR with a maturity of more than 5 years.
two places first mortgage interest rates down
“It was only lowered to 5.4% this Monday.” Bank Of Jiangsu Co.Ltd(600919) Nanjing Branch Customer manager told reporters.
When the reporter asked a sub branch in China Construction Bank Corporation(601939) Nanjing about the first mortgage interest rate of second-hand houses, the customer manager also said that the current interest rate is 4.6% + 80bp, or 5.4%. “The recent drop is also the lowest interest rate now.” In terms of lending speed, the reporter learned that the bank’s pure commercial loan can basically lend after the mortgage, while the provident fund loan does not guarantee the lending time. It is estimated that the loan will not be released until two months after the mortgage.
“Not everyone enjoys the same interest rate. The second-hand house depends on which intermediary you trade with, and the first-hand house depends on the interest rate of the development company.” Industrial And Commercial Bank Of China Limited(601398) the customer manager of a sub branch in Nanjing told reporters that the bank currently gives the cooperative intermediary company an interest rate of 5.4%. At the same time, there is no limit on the current amount of commercial loans of the bank, the materials are complete, the approval is good, and the loan will be made within about two weeks after the second-hand house is completed.
In Suzhou, Agricultural Bank Of China Limited(601288) a sub branch customer manager told reporters that the interest rate of the first mortgage has now dropped to 4.6%, “however, it also depends on the real estate. The interest rate of different real estate may be different, and the lowest is 4.6%.” The account manager added that when the materials are complete, the bank’s second-hand housing loan is issued for almost two weeks.
Industrial And Commercial Bank Of China Limited(601398) the account manager of a branch in Suzhou also confirmed to the reporter that the loan interest rate of the first house is now 4.6%, and the bank can also lend in one to two weeks.
The reporter noted that on March 16, the changes in the sales prices of commercial houses in 70 large and medium-sized cities in February 2022 released by the National Bureau of statistics showed that the prices of new houses in 27 cities rose month on month in February and fell to 40 cities. There are 10 cities where second-hand housing prices have increased month on month, while 57 cities have decreased month on month. Among them, Xi’an and Nanjing became the top two cities in the month on month increase of new house prices in February.
In fact, in addition to Nanjing and Suzhou, since this year, mortgage interest rates have been reduced by different ranges in many hot cities, including Shanghai, Guangzhou and Shenzhen. Recently, Hubei Xiangyang and Shiyan also lowered the mortgage interest rate, and the first house fell to less than 5.3%.
Moreover, the lending time that had plagued many “just need people” was also significantly shortened. In the second half of last year, the amount of second-hand housing loans in many hot cities was tightened. Taking Shanghai as an example, at that time, the lending time was often three or four months, or even more than half a year. This situation has been significantly improved this year. The customer manager said that “it is much faster than a while ago”.
multi sector statement boosts confidence in the property market
According to the data of the shell Research Institute, the interest rate of the first set of housing loans in the mainstream of 103 key cities monitored in March 2022 was 5.34% and that of the second set was 5.60%, down 13 and 15 basis points respectively from the previous month. In 103 cities, 82 mainstream mortgage interest rates were lowered, including 20 mainstream cities such as Suzhou, Shenzhen and Shanghai. The interest rate of the first mortgage was lower than 5%.
Meanwhile, bank lending continued to accelerate. In March, the average lending cycle of 103 city was about one month, close to the fastest speed in the third quarter of 2020. At present, nearly 50% of cities have a lending cycle of less than one month, and 19 cities have a lending cycle of less than 20 days, including 13 cities in the Yangtze River Delta.
These factors have promoted the increase of market trading volume. According to the data of Shell Research Institute, since March (March 1-17), the average daily trading volume of second-hand houses in shell 50 cities has increased by about 17% compared with the average daily trading level in February (after the Spring Festival), and the weekly house price index has remained stable; The activity of supply and demand in the second-hand housing market has also increased. Since March, the number of new customers and new listing houses of second-hand housing in shell 50 city have increased compared with the daily average level in February (after spring).
It can be seen that the positioning of housing without speculation has been repeatedly emphasized in recent years. At the first regular press conference of the banking and insurance industry in 2022, Zhang Zhongning, deputy director of the general office of the CBRC, introduced that at the end of November 2021, real estate loans increased by 8.4% year-on-year, remained stable as a whole, the reasonable housing needs of buyers were further met, and more than 90% of personal housing loans were used to support the first house.
Moreover, recently, many departments have made statements on the operation of the real estate market. The central bank said, “prevent and resolve the risks of the real estate market”. The cbcirc said, “actively promote the transformation of the development mode of the real estate industry, encourage institutions to carry out M & A loans in a stable and orderly manner, and focus on supporting high-quality real estate enterprises to merge and acquire high-quality projects of difficult real estate enterprises”. The CSRC said, “actively cooperate with relevant departments to effectively resolve the risks of real estate enterprises”. The State Administration of foreign exchange said, “cooperate with relevant departments to promote the healthy and stable development of the real estate market”.
According to the report of the shell Research Institute, the housing credit environment is expected to remain loose during the year, and local supportive policies will be further transmitted and take effect to promote market repair.
