存贷款利率双降！LPR下调10BP，一年期定存利率跌破1%

Core Viewpoint - The recent interest rate cuts on deposits and loans by major banks signal a proactive approach by the government to lower financing costs for businesses and reduce the burden on residents, reflecting a commitment to stabilize economic growth [1][2][3]. Group 1: Interest Rate Cuts - Major state-owned banks and some joint-stock banks have initiated the first round of deposit rate cuts this year, with the largest reductions of 25 basis points for three-year and five-year deposits, and one-year fixed deposit rates falling below 1% [1][3]. - The one-year LPR and five-year LPR have been reduced by 10 basis points, now standing at 3% and 3.5% respectively, marking the first rate cut since 2025 [1][4]. - The reduction in deposit rates is greater than the LPR cut, which helps lower banks' funding costs and creates room for further LPR adjustments [3]. Group 2: Economic Implications - Analysts suggest that the dual reduction in LPR and deposit rates is a positive signal from policymakers aimed at stimulating effective financing demand and stabilizing credit levels amid external uncertainties [2][3]. - The recent monetary policy easing is expected to boost market risk appetite, as evidenced by the rise in A-share indices and the Hang Seng Index [1]. Group 3: Housing Loan Impact - The LPR cut directly affects mortgage rates, with the average mortgage rate expected to decrease to 3% following the 10 basis point reduction [6]. - For a 1 million loan over 30 years, the total repayment amount could decrease by approximately 20,000, with monthly payments reduced by about 55 [6]. - In Guangzhou, the actual mortgage rate remains unchanged at 3% due to adjustments in the banks' pricing strategies, despite the LPR cut [6][7].