China's Top Banks Slash Mortgage Rates 🏠💰: A Boost for Homebuyers
In a move that's got everyone buzzing, China's major commercial banks have started lowering interest rates on existing mortgage loans as of Friday. This comes hot on the heels of the central bank's decision to cut mortgage rates, aiming to give the real estate market a much-needed lift. 📈
The \"Big Six\" banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, and Postal Savings Bank of China—have already reduced their mortgage rates to at least 30 basis points (bps) below the loan prime rate (LPR). And they're not alone; several joint-stock commercial banks are jumping on the bandwagon too.
So, what does this mean for current homeowners? On average, mortgage rates have been slashed by about 50 bps. That's extra cash in the pockets of homeowners and could make buying a home more affordable for many. 🏡💸
This move is expected to inject fresh energy into China's real estate sector, making it an exciting time for potential homebuyers and investors alike.
Reference(s):
China's banks cut existing mortgage rates to support real estate
cgtn.com
