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CN Existing Mortgage Borrowers' Interest Rates May Cut by 1+ppt on Avg. This Yr: Report
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The drop in the LPR will significantly reduce the interest burden on mortgage borrowers, and will have the effect of boosting consumption, Chinese media quoted sources close to the People's Bank of China (PBOC) saying. The LPR for a term of 5-year and above has slumped by a total of 60 bps YTD, which is a major benefit to both new and old mortgages, implying lower interest costs for those who are about to buy a home. For existing mortgage borrowers, the 0.6-ppt drop in LPR YTD, coupled with the average approx. 0.5 ppts drop in the interest rates on existing mortgages uniformly adjusted in batch by all commercial banks on 25 October, could result in a mortgage rate decline of more than 1 ppt this year. AAStocks Financial News |
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