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the questions that home buyers have recently been concerned about finally have answers: the existing mortgage interest rates have been lowered and the relevant arrangements have been clarified!

on september 29, the people's bank of china issued an announcement and guided the market interest rate pricing self-regulatory mechanism to issue an initiative: in principle, all commercial banks should uniformly implement interest rates for existing housing loans (including first, second and above) before october 31, 2024. batch adjustments.

how to lower it? how much? the relevant policies released this time have made clear arrangements——

1. which mortgages can be reduced?

according to the arrangement, all commercial banks will uniformly lower their rates on october 31, 2024. this means that if the borrower’s mortgage loan was issued by a commercial bank before october 31, it is an existing mortgage loan and can participate in this reduction.

moreover, this arrangement makes it clear that existing mortgage loans for first, second and above homes can be adjusted.

2. how low will it drop?

as long as it is a commercial bank personal housing loan with a floating interest rate, it will basically be adjusted according to changes in the loan prime rate (lpr), but one thing usually does not change, which is the point increase. borrowers whose mortgages are issued in different regions and at different times will have different points added.

this arrangement has clarified a direct line - lpr minus 30 basis points. for most cities that have abolished the lower limit on mortgage interest rates, if the point increase is higher than the minus 30 basis points, it can be reduced to no less than the lpr minus 30 basis points, and it does not distinguish between the first home and the second home; if it is already lower than this range , no need to adjust.