Central Bank: The interest rates on existing mortgage loans for the first and second homes have been reduced in batches, with an average drop of about 0.5%
CCTV 
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September 30, 2024, 11:45 AM The People's Bank of China issued an announcement on September 29 to improve the interest rate pricing mechanism for commercial personal housing loans, allow existing mortgages that meet certain conditions to re-agree on the additional point range, and promote the reduction of existing mortgage interest rates. The market interest rate pricing self-discipline mechanism also issued an initiative. In principle, commercial banks should carry out batch adjustments to eligible existing mortgages before October 31, 2024. For existing mortgage interest rates with a bonus point higher than-30 basis points, they will be uniformly adjusted to no less than-30 basis points, and no less than the lower limit of the bonus point for newly issued mortgages currently implemented in the city (if any), so that the interest rate level will be close to the national New mortgage interest rate is expected to drop by about 0.5 percentage points on average.
In order to adapt to the new changes in the supply-demand relationship in the real estate market, during the batch adjustment and normalized adjustment stages, the first home and the second home are no longer distinguished (except for cities with a lower limit of the mortgage interest rate policy and the distinction between the first home and the second home), and the interest rates on the first home loans and the second home loans are guided to drop to near the national average level of newly issued mortgage interest rates, reducing the interest burden on existing mortgage borrowers.