After the People’s Bank of China and two other departments issued new credit policies for home purchases at the end of August, commercial loan interest rates for second homes in many places in China dropped significantly in September.
A report released by the Shell Research Institute on the 20th showed that in September 2023, the average interest rate for mainstream first-home mortgages in 100 cities in China was 3.90%, the same as last month; the average interest rate for second-home mainstream mortgages was 4.57%, which was the same as last month. down 24 basis points. In September, mainstream mortgage interest rates for first- and second-home buyers fell by 25 and 34 basis points respectively compared with the same period last year. The average lending cycle of banks in September was 20 days, one day shorter than the previous month, and the lending speed accelerated.
On August 31, the two departments issued a new credit policy for home purchases, which proposed that it would no longer distinguish whether cities have implemented purchase restrictions. For households purchasing homes with commercial loans, the down payment ratio for the first and second homes should be uniformly implemented at no less than 20% and 30%. In addition, the new policy stipulates that the lower limit of the first-home loan interest rate will remain at LPR (loan market quoted rate) minus 20 basis points for the corresponding period, and the lower limit of the second-home loan interest rate will be adjusted to LPR plus 20 basis points.
After the policy was implemented, second-home loan interest rates fell in many places. According to statistics from the Shell Research Institute, in September, the interest rates for first- and second-home loans in first-tier cities were 4.48% and 4.95%, respectively, 2 and 8 basis points lower than last month. Among them, the interest rates for first- and second-home loans in Guangzhou dropped by 10 and 3 basis points respectively. basis points, to 4.10% and 4.50%, making it the first first-tier city where first-home loan interest rates exceeded LPR. Mainstream mortgage interest rates in Beijing, Shanghai and Shenzhen remained at the same level as last month.
The interest rate for first-home loans in second-tier cities was 3.88%, the same as last month; the interest rate for second-home loans was 4.55%, 26 basis points lower than last month. The first-home loan interest rate in third- and fourth-tier cities remained at 3.87% last month, while the second-home loan interest rate dropped by 25 basis points to 4.55%.
As of mid-September, the report pointed out that except for the four first-tier cities where the interest rate for first-time home loans is higher than 4.0% (the lower policy limit), among 100 cities, the interest rate for first-time home loans in 50% of cities is 4.0%, and the interest rate for first-time home loans in 46% of cities is 4.0%. The interest rate is below 4.0%. In addition, 60% of second-home loan interest rates in cities such as Hefei, Xi'an, Suzhou, Changsha, and Chongqing have dropped to the lower limit of 4.4%.
Low interest rates, low down payments and the “recognize a house but not a loan policy” have come into effect, significantly reducing the cost of housing purchases for residents. At the same time, some key second-tier cities have recently lifted restrictive policies such as purchase restrictions and sales restrictions, injecting new demand for home purchases and high-quality housing into the market.
According to another report released by the agency on the same day, in the three weekends after the implementation of the policy, the second-hand housing market in first- and second-tier cities showed a situation of "increased volume and stable prices." Among them, the transaction volume of second-hand houses in first-tier cities increased by nearly 50%, and in second-tier cities increased by nearly 30%; transaction prices stabilized, with house prices in Beijing and Shanghai rebounding by about 1%, and the decline in house prices in other cities narrowed.
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