More Cities To Lower First Home Mortgage Rates

Local authorities are lowering first-home loan interest rates or even removing their lower limit, with 60 out of 100 major cities seeing rates at the 3% level, Shanghai Securities News reported. A total of nine cities saw first-home loan interest rates fall in January by 5-30bp, mainly in second-, third- and fourth-tier cities, of which the average rate fell to 3.86% and 3.82%. The average first-tier city rate remains unchanged at 4.13% from the previous month. More cities will gradually follow suit to lower the rate of first home, and new regulations have stipulated that there is no need to set a lower limit on interest rates should the home price index fall for three consecutive months.