MNI China Daily Summary: Friday, April 26

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More Chinese Cities Likely To See Lower Mortgage Rates

CHINA PRESS
MNI (Singapore)

China’s mortgage interest rates are likely to be further lowered nationwide after the central bank cut the long-term lending reference rate, the five-year Loan Prime Rate by 15 bps to 4.45% on Friday, Beijing Business Today reported citing analysts. The minimum mortgage rate for first-time homebuyers could drop to as low as 4.25% as the central bank earlier lowered the floor of the rate to 20 bps below the five-year LPR, the newspaper said. Currently, newly issued housing mortgages in Tianjin and Zhengzhou have followed the minimum 4.25%, while many banks in Beijing have lowered the first-time mortgage rate moderately to 5% from the previous 5.15%, the newspaper said.

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