Since the reform in August last year to the latest 15th LPR offer, the one-year LPR has been reduced by 5 basis points in August and September last year, remained unchanged in October last year, decreased by 5 basis points in November last year, remained unchanged in December and January this year, significantly reduced 10 basis points in February, remained unchanged in April, and remained unchanged from May to September; the five-year LPR was first launched in August last year After the announcement, it did not decline in September and October last year, December and January and March this year. It was reduced by 5 basis points in November last year and February this year, and 10 basis points in April. It has remained unchanged since May.
In the face of tens of thousands of yuan, tens of thousands of yuan of purchase money, mortgage is almost every home buyers can not get around the topic. This year, whether to change anchor LPR and whether to change to fixed interest rate have become the inevitable choice of mortgage family .
In August 2019, the peoples Bank of China announced that since October 8, 2019, the interest rate of newly issued commercial personal housing loans will be based on the market quotation rate (LPR) of the corresponding period of the latest month as the pricing benchmark plus point. In December of the same year, the central bank issued an announcement requiring that the conversion of LPR pricing benchmark for individual housing loans should be completed before August 31, 2020 from March 1, 2020. On August 25, 2020, when the deadline is approaching, the five state-owned banks of industry, agriculture, China Construction and postal savings will convert the pricing benchmark of stock floating interest rate personal housing loan that meets the conversion conditions but has not yet been converted into LPR.
Qiqi (not her real name), who just completed the procedures for buying a house in Beijing in September this year, told reporters that what she finally chose was a combination loan from a state-owned bank, namely housing accumulation fund loan plus commercial loan. Among them, the provident fund loan line is 1.2 million yuan, with an annual interest rate of 3.25%; the commercial loan line is 730000 yuan, with an annual interest rate of 5.20% (Beijings individual housing loan pricing benchmark is: the interest rate of the first set of personal housing loan is not lower than the corresponding period LPR + 55 basis points, one basis point is equal to 0.01%; in August 2020, the LPR quotation is 4.65%, that is, 4.65% + 0.55% = 5.20%), and the total monthly loan repayment is more than 10000 yuan. Because there is no choice, the main focus of LPR pricing is the trend of interest rate changes.
Mr. Jin, who lives in Handan City, Hebei Province, is also a member of the mortgage family. He converted his mortgage into LPR pricing in March this year. After the conversion, the pricing benchmark of the mortgage is LPR plus - 39 basis points, and the annual interest rate of the executed loan is 4.26%. In the past, I had to repay the loan at 3008.11 yuan per month, but in the future, I only needed to repay the loan at 2959.19 yuan a month, saving 48.92 yuan per month.
On September 15, the monetary policy analysis group of the peoples Bank of China issued a supplement to the report on the implementation of Chinas monetary policy. It is pointed out that most of the new loans issued by financial institutions have adopted LPR as the benchmark pricing, and the conversion of pricing benchmark for stock floating rate loans has been successfully completed by the end of August 2020, with the conversion rate of over 92%. In addition, a state-owned bank customer service told reporters, 90% of our banks stock mortgage customers have converted to LPR pricing; another bank Tongzhou branchs business department staff disclosed to reporters, as far as I know, most stock mortgage customers have converted to LPR pricing.
The reporter noted that the lender who passively adjusted to LPR pricing can also decide whether to return to the fixed interest rate according to the trend of LPR within the year. According to the announcement previously issued by the five major banks, if there is any objection to the conversion result after the batch conversion is completed, it can be transferred back through relevant channels or negotiated with the loan handling bank before December 31, 2020 (inclusive).
Ms. Chang of Xinyang City in Henan Province is struggling to change the mortgage back to fixed interest rate before the end of the year. After all, I have less than five years left in my loan maturity, and if LPR pricing goes up, it wont pay off.
Talking about the future trend of LPR pricing, Yan Yuejin said, it is expected that there will be little room for subsequent LPR reduction, but the overall situation will remain low.
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