LPR cut interest twice in the first half of the year? 94 yuan less than the monthly supply of one million housing loans

category:Finance
 LPR cut interest twice in the first half of the year? 94 yuan less than the monthly supply of one million housing loans


According to the latest LPR housing loan interest rate report (hereinafter referred to as the report) issued by Shanghai E-House Real Estate Research Institute, based on the mortgage loan mode of 1 million principal, 30-year term and equal principal and interest, taking June as an example, the average monthly supply of major cities in China is 5637 yuan, which is reduced by 94 yuan compared with the level of 5731 yuan at the beginning of the year.

In June, the price of LPR remained unchanged and the interest rate has been cut twice in half a year

According to statistics, since the central bank launched the LPR reform in August 2019, the one-year LPR has been cut by 50 basis points accumulatively compared with the previous one-year benchmark interest rate, and 30 basis points since this year; while the five-year and above LPR has been cut by 25 basis points accumulatively, and 15 basis points since this year.

Yang Chang, chief analyst of the policy group of Zhongtai Securities Research Institute, told people.com finance and economics that considering that the quotation mechanism of one-year LPR is linked to the interest rate of one-year MLF, the central bank cut back on June 15 and continued to make MLF, with the interest rate maintained at 2.95%, keeping the interest rate unchanged for the second consecutive month, which indicates that the LPR quotation is flat.

Observing the trend of LPR interest rate in the first half of this year reflects the policy orientation of interest rate reduction. Yan Yuejin, research director of the think tank center of E-House Research Institute, said that for commercial banks, driven by the policy of reducing the reserve rate three times in the first half of this year, the enthusiasm of implementing the interest rate reduction policy is increasing, which has a positive role in guiding the interest rate reduction of medium and long-term loans including housing loans.

He said that the interest rate level is still expected to fall in the second half of the year, which also has a positive role in stimulating housing transactions. It is expected that the loan policy of subsequent commercial banks will be further relaxed to facilitate the handling of mortgage loan business, which will help activate the waiting demand for house purchase and promote the further recovery of market transactions.

LPR new mechanism helps to reduce loan cost

On August 17 last year, the central bank announced to improve the formation mechanism of the quoted interest rate (LPR) in the loan market. Banks should mainly refer to the quoted interest rate (LPR) in the loan market for pricing in new loans. However, the interest rate of the stock loan was not adjusted at that time, and it was still implemented according to the original contract.

Since the beginning of the year, the LPR + floating-point pricing method has been conducive to reducing the cost of loans and reducing the burden on buyers to a certain extent. Yang Chang said.

Yan Yuejin believes that from the perspective of the housing market, the reduction of the housing loan interest rate in the first half of this year will help reduce the pressure of monthly supply, and objectively help to activate part of the waiting demand for housing, that is, it has a certain explanation for the recent active transaction of housing purchase.

Xu Xiaole, chief market analyst of Shell Research Institute, for example, said that in June, the average mainstream mortgage interest rate of 32 cities monitored by Shell Research Institute continued to decline, including the first set of interest rate of 5.32% and the second set of interest rate of 5.66%, both falling by 2 basis points compared with may, and the interest rate level reached a new low of 18 months. Since 2020, the first set of mortgage interest rate has dropped by 26 basis points, the second set of interest rate has dropped by 24 basis points, and the decline of mortgage interest rate is greater than that of LPR.

The executive meeting of the State Council held on June 17 made important arrangements to guide financial institutions to further make a reasonable profit to enterprises and help stabilize the basic economic situation; it is required to speed up the implementation of the cost reduction policy to achieve results and reduce the burden for market entities.

Up to now, the reserve ratio of small and medium-sized deposit financial institutions has been lowered three times, and the year-on-year growth rate of M2 in recent March rose to more than 10% again after 35 months. After the early reduction of standards and interest rates, liquidity in the market has been relatively abundant. Xu Xiaole said that in addition to the recently released reduction signal, it is expected to land in the near future, and it is not necessary to continue to reduce LPR.

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Read the annual report of Zhongtai Automobile Co., Ltd. in which more than 10 financial institutions were involved in the bankruptcy and reorganization of the operator of Yesanpo, a 5A scenic spot, and more than 80% of the stock price of the 100 billion payment giant, net profit loss of 11.19 billion yuan in 2019. Source: Peoples net editor in charge: Zhong Qiming_ NF5619