Mortgage rates for first-time home......>

CHINA PRESS: Mortgage rates for first-time home buyers in Beijing have risen 10%

above the benchmark interest rate as government controls on the property market

have continued to bite and credit from banks has shrunk, the Securities Daily

reported Tuesday. Some banks, with their credit quotas limited at the end of the

year, have even raised the rates by 40%. Even so, the approval procedure for

mortgages has been faster due to sluggish home sales in recent months, the

report said, citing unidentified people familiar with the information. In

October, the nationwide average mortgage rate was 5.3%, which was 8.2% above the

benchmark rate. Although the rise has slowed, the upward momentum remains

obvious, the newspaper argued. (Securities Daily)