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CHINA PRESS: Limited Reduction To Existing Mortgage Rates Likely

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

The mooted cut to existing mortgage interest rates will be constrained by banks’ narrowing interest margin and any reduction would be limited, Shanghai Securities News reported citing analysts. The current mortgage interest rate is 3.4% for first-time buyers in Shanghai, compared with the 4.55% level of existing loans. Mortgagees feel greater pressure this year amid weakened income growth and asset value, while some banks have allowed those under great payment pressure to make interest-only repayments within a certain period, the newspaper said. 

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The mooted cut to existing mortgage interest rates will be constrained by banks’ narrowing interest margin and any reduction would be limited, Shanghai Securities News reported citing analysts. The current mortgage interest rate is 3.4% for first-time buyers in Shanghai, compared with the 4.55% level of existing loans. Mortgagees feel greater pressure this year amid weakened income growth and asset value, while some banks have allowed those under great payment pressure to make interest-only repayments within a certain period, the newspaper said.