More Cities Scrap Lower Limit For Mortgage Rates

More than 10 second-, third- and fourth-tier cities have temporarily scrapped the lower limit on mortgage interest rates for first-time homebuyers to stimulate demand, Yicai.com reported. Mortgage interest rates in many cities have dropped to record lows with a level of 3.45% no longer uncommon. However, many industry insiders have called for price control relaxations on new homes, which will help accelerate market adjustment as the sector waits for prices to bottom. New home sales in 20 key cities during the Tomb Sweeping Day holiday last week dropped by about 30%, compared to the same period in 2022.