2023-06-22 01:42:00
Can the latest interest rate cut boost the property market in Hangzhou?Ms. Wu who is about to buy a house: the most important thing is to win first
The central bank released the latest LPR (loan market quoted interest rate) data the day before yesterday, and the LPR with a term of more than 5 years was lowered by 10 basis points, from 4.3% to 4.2%.
The LPR has ushered in a downward adjustment after 9 months. What does it mean for ordinary house buyers? Under the background of the current sluggish property market in Hangzhou, can interest rate cuts boost the property market?
Mortgage interest rate hits new low in Hangzhou
Ms. Wu who is about to buy a house: the most important thing is to win first
Since the LPR reform in August 2019, the LPR with a period of more than five years, which is closely related to the housing purchase rate, has dropped 7 times, from 4.85% to 4.20%.
4.45%, 4.3%, 4.1%… Since last year, the interest rate of first-home loans in Hangzhou has continued to hit new lows. After the announcement of the latest LPR, the first-home loan interest rate in Hangzhou is expected to be reduced to 4%, a record low; the second-home loan interest rate will drop to 4.85%.
Next, new customers who apply for mortgages will be the first to enjoy the new interest rates. Most of the homebuyers we surveyed believe that the change of 10 basis points is not obvious, and what they value when buying a house is not the adjustment of the mortgage interest rate.
Ms. Wu told us that she is happy to see the change of mortgage interest rate, but it has no effect on her house purchase plan. “For those of us who have not yet got a car, the loan is an afterthought. The important thing is to get a house first. thing.”
Xiao He bought a house at a high interest rate of 6%
‘I don’t feel much about rate cuts’
Xiao He bought a new house in Xiaoshan District at the end of 2021. At that time, the Hangzhou property market was quite hot, and the mortgage interest rate was also the highest point in recent years. Although he is the first home, the mortgage interest rate approved by the bank is 6.05% (the LPR at that time was 4.6, with a fixed plus point of 145 basis points), which is higher than the loan interest rate of some second homes.
In the past two years, the LPR has dropped many times. Most people who bought their first home recently had an interest rate of 4.1%. But Xiao He’s interest rate remained at 5.75%.
The total price of Xiao He’s new house is about 2.2 million yuan, and the remaining part after the down payment is 30% is the provident fund + commercial combination loan. Among them, the commercial loan is 1.2 million yuan, the interest rate is 6.05%, and the repayment is in the form of equal principal and interest. Last year, he had to repay 7,233 yuan a month; as the LPR dropped several times last year, Xiao He’s mortgage interest rate was adjusted to 5.75% from January this year. The monthly repayment was 7,003 yuan, and the monthly payment was reduced by about 230 yuan.
The latest 5-year LPR cut by 10 basis points, how much money can Xiao He save?
For “existing mortgage customers” like Xiao He, according to the agreement with the bank, the monthly payment amount can only be readjusted from January 2024. Assuming that the LPR has been maintained at 4.2% before the re-pricing at the beginning of next year, his interest rate will be adjusted to 5.65% from next year, and the monthly repayment will be 6926.83 yuan in equal installments. Nearly 30,000 yuan.
Xiao He did the math and said, “Now that the price is reduced by 10 basis points, I don’t feel much about it if I pay back tens of dollars a month.”
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