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how low will my mortgage interest rate be? bank of china releases faqs on existing mortgage interest rate adjustments in 2024

2024-10-01

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on september 30, the bank of china released the "faqs on existing mortgage interest rate adjustments in 2024 (1)". it is mentioned that, except for beijing, shanghai, and shenzhen, this mortgage interest rate adjustment does not differentiate between the number of houses, and loans for first and second homes will be adjusted according to unified rules. this mortgage interest rate adjustment does not involve lpr repricing, but only batch adjustments to the interest rate plus or minus points. if the mortgage interest rate (except beijing, shanghai, and shenzhen) is higher than lpr-30bp, it will be uniformly adjusted to lpr-30bp; if the mortgage rate is a first-home loan in beijing, shanghai, and shenzhen, and the interest rate is higher than lpr-30bp, it will be uniformly adjusted to lpr-30bp. adjusted to lpr-30bp; if the mortgage is a second-home loan in beijing, shanghai, or shenzhen, and the interest rate is higher than the lower limit of the local mortgage interest rate policy, it will be uniformly adjusted to the lower limit of the local mortgage interest rate policy (currently, the lower limit of the interest rate for second-home loans within the fifth ring road in beijing it is lpr-5bp, and outside the fifth ring road, it is lpr-25bp; the lower limit of the interest rate in the lingang new area of ​​the shanghai free trade zone and jiading, qingpu, songjiang, fengxian, baoshan, and jinshan district is lpr-25bp, and the lower limit of the interest rate in other areas is lpr-5bp; shenzhen ii the lower limit of suite interest rate is lpr-5bp). there is no need to provide application materials, and the bank will make batch adjustments uniformly before october 31.

(source: bank of china)