年内LPR首降，稳楼市政策还有多少空间？

Core Viewpoint - A package of financial policies aimed at stabilizing the market and expectations is gradually being implemented, with the recent reduction in the Loan Prime Rate (LPR) signaling a proactive approach to economic management [1][5]. Summary by Relevant Sections Monetary Policy - The latest LPR, effective from May 20, 2025, shows a decrease of 0.1 percentage points, bringing the 1-year LPR to 3% and the 5-year LPR to 3.5% [1][2]. - This marks the first adjustment of the LPR in 2025, following a 7-month period since the last change, and aligns with the central bank's earlier announcement to lower policy rates [3][5]. Impact on Housing Market - The reduction in LPR will lower mortgage rates for both first-time and second-home buyers, easing interest expenses and monthly payments, which is expected to stimulate demand in the housing market [3][4]. - The adjustment is anticipated to attract a wave of existing demand into the market, particularly benefiting first-time homebuyers [3][9]. Developer Financing - Lower LPR rates will also reduce financing costs for real estate developers, contributing to market stabilization efforts [4][12]. - The central bank's ongoing financial support for the real estate sector is crucial for halting the decline in property prices [12]. Policy Adjustments - The central government is expected to continue adjusting policies to stabilize the real estate market, including reducing restrictions on purchases and loans, and optimizing supply structures [13][14]. - Local policies will focus on enhancing housing quality and activating demand, with measures such as tax reductions and subsidies targeted at specific groups [15]. Market Outlook - The real estate market is currently in a phase of stabilization, with expectations of a gradual recovery characterized by moderate warming and structural differentiation [15]. - The short-term effects of LPR and public fund rate reductions are likely to support first-time homebuyers more than speculative demand, directly lowering purchasing costs and increasing market activity [15].