China LPR was flat in July, and the interest rate of mainstream mortgages hit a new low in the past 4 years

China News Agency, Beijing, July 20th, July 20th, the Chinese loan market quotation interest rate (LPR) has not been adjusted.

On the 20th, the People's Bank of China authorized the LPR of the latest issue of the inter -bank interbank borrowing center: a one -year LPR was 3.7%, and the LPR of more than 5 years was 4.45%, which was the same as last month.

Regarding the reasons why LPR did not make adjustments, Liu Lijie, a market analyst at the Shell Research Institute, said that the quantitative sequels such as MLF convenience (MLF) in the middle of July meant that the current market liquidity was reasonable and abundant. Zou Lan, director of the Central Bank Monetary Policy Department, said at a press conference held by the State Council's news office recently that the current liquidity has remained at a more reasonable and slightly more level. The MLF interest rate remains unchanged, which means that the price of LPR's pricing of the month has not changed.

From the perspective of the external environment, Liu Lijie said that the US CPI in June reached a new high, the expectations of interest rate hikes increased, and the global entry of monetary policy tightening cycle, which would reduce the loose space of Chinese monetary policy. The consideration of "internal and inside and outside balance" is not changed in the short term.

However, in the month, the housing credit environment was further relaxed. According to the data of the Shell Research Institute, the interest rate of the 103 key cities in 103 key cities monitored in July 2022 was 4.35%, and the two sets of interest rates were 5.07%, which fell 7 and 2 basis points from the previous month; It is 25 days, shortening by 4 days from the previous month.

Liu Lijie pointed out that the mainstream mortgage interest rate in China's major cities has reached a new low since 2019. The interest rate of the first and second sets of mortgages has decreased by 139 and 93 basis points from the cumulative high points last year; bank loan speed has also accelerated.

The Shell Research Institute predicts that the mortgage interest rate will enter the bottom stage in the third quarter. In July 103, the decline in the first set of mainstream cities and the two -set loan interest rate narrowed significantly from a single month in the second quarter. In addition, as of now, there have been 74 cities in 103 cities, and the interest rate of two sets of mortgages has been as low as 4.25%and two sets of 5.05%lower limit. The industry is expected that there will still be room for reduction in mortgage interest rates in the short term but narrowing the space. It is expected that the overall mortgage interest rate level will gradually approach the lower limit in the third quarter.

The loose housing credit environment continues to facilitate the repair of the real estate market. According to the monitoring of the Shell Research Institute, 49 cities including Wuhan, Nanchang, Changchun, Harbin and other provincial capitals in 103 cities performed the minimum of 20 % down payment for the first home loan. Low interest rates and low down payment to reduce the cost of buying houses in essence will help the release of house purchase demand.

Source: Zhongxin News Agency: Visual China Guangzhou Daily · Xinhuacheng Editor: Peng Wenqiang

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