Less than a week after the lower limit of the interest rate of the first personal housing commercial loan was lowered by 20 basis points on May 15, the central bank announced the new LPR interest rate on May 20, and the LPR over 5 years closely related to personal housing mortgage loans was lowered by 15 basis points to 4.45%. This means that the space for the reduction of mortgage interest rate will be further opened, with a minimum of 4.25%.
The 5-year LPR cut exceeded market expectations and was the largest since the reform of LPR pricing mechanism in August 2019.
Recently, real estate policies have been adjusted frequently all over the country. More than 100 cities have relaxed the house purchase credit policy, reduced the mortgage interest rate, increased the amount of provident fund loans, reduced the down payment ratio and so on.
Lihao gangxu family
“This is a great advantage for just in need buyers who are ready to buy a house or have not yet handled a mortgage.” A real estate agent in Tianjin told reporters that consumers who were originally in the wait-and-see stage have frequently begun to contact intermediaries in recent two days to consult real estate and mortgage information.
On May 18, commercial banks in Tianjin adjusted the interest rate of the first house loan to lpr-20 basis points, that is, from 4.6% to 4.4%. Just two days later, the LPR over 5 years was reduced by 15 basis points to 4.45%. This also means that the first mortgage interest rate of many banks in Tianjin can be as low as 4.25%.
In addition to Tianjin, a few days ago, mortgage interest rates in dozens of cities such as Guangzhou, Tianjin, Jinan, Qingdao, Zhengzhou, Suzhou, Kunming and Chongqing have been reduced. With the latest round of LPR quotation released yesterday, the mortgage interest rate can also reach 4.25% – which is the lowest interest rate that can be implemented in the country at present.
However, the above-mentioned real estate agents in Tianjin said that although various policy stimulus signals have been released one after another, there are not many overall real estate customers in the near future. “First, it is affected by the surrounding epidemic situation (Beijing, Hebei and Henan); moreover, there is also an epidemic situation in Tianjin, which makes it inconvenient to travel to and from other places. Therefore, at present, Tianjin is still dominated by local improvement and replacement.”
Since the beginning of this year, the number of customers looking at houses in some cities is indeed lower than last year due to the epidemic. A real estate agent in Suzhou said: “there were a lot of people looking at houses in the fourth quarter of last year, but it has gradually decreased since this year. Especially in recent times, affected by the epidemic, there are few people looking at houses. However, as some areas gradually recover from the epidemic, more people are looking at houses.”
“You’re not in a hurry. You can wait.” On the afternoon of May 20, a real estate agent in Nanchang, who was taking customers to see the house, told reporters, “at present, I have not heard that any bank in Nanchang has implemented the lowest interest rate of 4.25%, but the notice may come down soon.”
In recent two or three months, the mortgage interest rate has shown a downward trend. According to the mainstream mortgage interest rate data of key cities released by the shell Research Institute, the interest rate of the first set of mainstream mortgage in 103 key cities monitored by the shell Research Institute in May 2022 was 4.91%, and the interest rate of the second set was 5.32%, down 26 and 13 basis points respectively from the previous month, a new low since 2019.
mortgage interest rate decreases, how much does the monthly supply decrease
Yan Yuejin, research director of the think tank center of E-House Research Institute, calculated with a case of repayment of 1 million yuan of loan principal and 30-year equal principal and interest.
if the mortgage interest rate is reduced from 4.6% to 4.45%, the monthly payment will change from 5126 yuan to 5037 yuan, a decrease of 89 yuan; Combined with the double factors of 15 basis points of LPR reduction and 20 basis points of bank reduction, the real mortgage interest rate can be changed to 4.25%. Then, if the mortgage interest rate is reduced from 4.6% to 4.25%, the monthly payment will change from 5126 yuan to 4919 yuan, a decrease of 207 yuan
“In the actual process, the interest adjustment of stock housing loan users, or the buyers who are already paying back the loan, can not reduce the interest until after new year’s day next year. For the families who buy new houses recently, the minimum interest rate can be 4.25%. How to operate in the actual process depends on the action of the bank.” Yan Yuejin believes that in the actual mortgage interest rate application process, it is generally constrained by customer qualification, cooperative real estate and other conditions. In terms of the recent actions of banks, the interest rate of 4.4% is generally taken as the target value of the recent reduction because the new policy of the central bank over the weekend has been generally implemented recently.
chaobaicheng “stabilizing the property market”
Last year, house prices rose rapidly in many places. Based on the background of real estate market regulation, all localities intensively introduced regulation policies to stabilize market expectations, and commercial banks also controlled the mortgage amount and mortgage interest rate. Different from last year’s adjustment ideas, since this year, the real estate policies across the country have been adjusted frequently. More than 100 cities have relaxed the house purchase credit policy, reduced the mortgage interest rate, increased the amount of provident fund loans and reduced the down payment ratio.
Insiders said that most of the local mortgage interest rates were lowered independently by banks, and it is expected that the subsequent relevant cities will have official documents or window guidance.
For provident fund loans with more favorable interest rates, the increase of loan amount will further reduce the burden of loan buyers. Since yesterday, Nanjing will use the housing provident fund loan to purchase the second set of housing provident fund for the first time, and the maximum loan amount of the housing provident fund will be adjusted from 300000 yuan / person and Shanghai Pudong Development Bank Co.Ltd(600000) yuan / household to 500000 yuan / person and husband and wife. Previously, Anhui Fuyang, Henan Xinyang and other cities also raised the amount of provident fund loans.
In order to better meet the reasonable housing needs of home buyers, the adjustment of the down payment ratio of the first house has become one of the key points of the relaxation policy, and the minimum down payment ratio has gradually become the norm. Since May, there has been a “20% down payment” in Yinchuan, Ningxia, Tai’an, Shandong and Suqian, Jiangsu.
In fact, many third and fourth tier cities implemented the “20% down payment” at the beginning of this year. With the further relaxation of the real estate policy, more and more first and second tier cities joined the “20% down payment” team
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