Sumary of China cuts mortgage rate floor for first-time homebuyers:
- Most mortgages are longer than five years and succeed to the five-year LPR – at 4.6 per cent now – so the new floor is effectively 4.4 per cent.
- Banks in more than 100 municipalities have cut mortgage rates by 20 to 60 basis components since March, officials said last month.
- Mortgages can also be succeed to the one-year LPR, which is 3.7 per cent, if their length is only one year.
- The borderline mortgage rate for customers of second residences is unchanged.
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