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according to news on september 29, this evening, the central bank issued a number of major documents in succession, involving adjustments to existing mortgage interest rates, adjustments to mortgage down payment ratios, etc. the following are the core points:

1. the market interest rate pricing self-discipline mechanism will issue an initiative to guide commercial banks to carry out a batch adjustment of existing mortgage interest rates before october 31, 2024.

2. it is allowed to change the point range of the mortgage interest rate based on the lpr. the borrower and the borrower can adjust the point range through negotiation, contract modification, etc.

3. for existing mortgage interest rates with a point increase higher than -30 basis points, the interest rates will be uniformly adjusted to no less than -30 basis points, and not lower than the lower point limit for new mortgage loans currently implemented in the city where they are located (if any).

4. remove the restriction on the minimum one-year mortgage interest rate repricing cycle. starting from november 1, 2024, floating rate mortgages with newly signed contracts will be consistent with other floating rate loans except mortgages, and the repricing cycle can be determined by the borrower and the borrower through independent negotiation.

5. for households purchasing a house with a loan, commercial personal housing loans no longer distinguish between first and second homes, and the minimum down payment ratio is unified to no less than 15%.

6. the vast majority of borrowers can complete "one-click operation" through online banking, mobile banking and other channels, without going to commercial bank branches.

7. the central bank will adjust and optimize matters related to refinancing of affordable housing. for qualified loans issued by financial institutions, the proportion of re-loans issued by the people's bank of china to financial institutions will be increased from 60% to 100% of the loan principal.

8. the applicable period of the reasonable extension policy to support existing financing such as development loans and trust loans is extended to december 31, 2026.