The People's Bank of China issued an announcement today to improve the interest rate pricing mechanism for commercial personal housing loans, allow stock mortgages that meet certain conditions to reagree on additional point margins, and promote a reduction in interest rates on stock mortgages. The market interest rate pricing self-regulation mechanism also announced an initiative. In principle, commercial banks should make batch adjustments to eligible stock mortgages before October 31, 2024. Interest rates on stock mortgages with points higher than -30 basis points will be uniformly adjusted to no less than -30 basis points, and not lower than the lower limit of newly issued mortgage points currently implemented by the city where they are located, making the interest rate level close to the national interest rate for newly issued mortgages. The average drop is expected to be about 0.5 percentage points.

The People's Bank of China issued an announcement today to improve the interest rate pricing mechanism for commercial personal housing loans, allow stock mortgages that meet certain conditions to reagree on additional point margins, and promote a reduction in interest rates on stock mortgages. The market interest rate pricing self-regulation mechanism also announced an initiative. In principle, commercial banks should make batch adjustments to eligible stock mortgages before October 31, 2024. Interest rates on stock mortgages with points higher than -30 basis points will be uniformly adjusted to no less than -30 basis points, and not lower than the lower limit of newly issued mortgage points currently implemented by the city where they are located, making the interest rate level close to the national interest rate for newly issued mortgages. The average drop is expected to be about 0.5 percentage points.