Great news for aspiring homeowners in the Chinese mainland! 🎉 The People's Bank of China just announced a significant cut in mortgage rates, making it easier for first-time buyers to grab their dream homes. 🏡
Starting May 18, first-home loans with terms up to five years will have an interest rate of just 2.35%, while those over five years will be reduced to 2.85%. That's a 0.25 percentage point drop! 📉
For those looking into second homes, the rates aren't left behind. Loans up to five years will have rates no lower than 2.775%, and those over five years no lower than 3.325%. This move is set to boost the housing market and make property investment more accessible. 🏘️
The announcement came from the People's Bank of China on Friday, stirring excitement among potential buyers and investors alike. Could this be the perfect time to dive into the housing market? 🤔
Stay tuned for more updates on how this change affects the economy and housing trends across the Chinese mainland! 🌐
Reference(s):
China cuts interest rates of mortgage loans and down-payment ratios
cgtn.com
