Chinese Cities Likely To Keep Cutting Mortgage Interest Rates-Daily

Chinese cities may continue to lower mortgage interest rates to lure buyers to shore up the still bleak housing market, including big cities with relatively high rates and smaller cities with poor transaction data, the Securities Daily reported citing Yan Yuejin, director of E-house China Research and Development Institution. The average rates of first- and second-home mortgages in 103 key cities were 4.35% and 5.07% in June, respectively, down 139 and 93 basis points from the high point in September 2021, hitting a new low since 2019, according to Beike Research Institute. Among them, 74 cities have reached the lower limit of 4.25% for the first and 5.05% for the second housing, the newspaper said.