房地产行业：央行多项举措快速落地！存量房贷利率下调幅度有多大？

Investment Rating - The report indicates a positive outlook for the real estate sector following the central bank's recent measures to lower mortgage rates and adjust lending policies [3][15]. Core Insights - The central bank has implemented multiple financial support measures for the real estate sector, including a reduction in existing mortgage rates and adjustments to the minimum down payment requirements for home purchases [3][15]. - The new pricing mechanism allows borrowers to choose between fixed and floating interest rates, with the flexibility to negotiate terms with financial institutions [4][8]. - The initiative aims to enhance the liquidity in the housing market and stabilize market expectations by facilitating easier access to financing for homebuyers [15]. Summary by Sections Central Bank Announcements - The central bank has introduced a mechanism for borrowers to select fixed or floating rates for commercial housing loans, with floating rates based on the latest loan market quotation rate plus a margin [4]. - Starting from November 1, 2024, borrowers can negotiate the repricing cycle for floating-rate loans, allowing for more responsive adjustments to market conditions [4][13]. - The minimum down payment for commercial housing loans has been standardized to no less than 15%, regardless of whether it is the first or second home [4][6]. Market Rate Pricing Initiative - The initiative requires commercial banks to adjust existing mortgage rates by October 31, 2024, with a maximum reduction to LPR - 30 basis points for eligible loans [9][11]. - Major banks have already announced plans to publish operational details by October 12, 2024, to facilitate this adjustment [9][11]. Impact on Borrowers - The adjustments in mortgage rates are expected to significantly lower monthly payments for borrowers, with examples indicating potential savings of over 1,500 yuan per month for substantial loans [12]. - The removal of the one-year minimum repricing cycle for floating-rate loans allows for more timely adjustments in response to changes in the loan market quotation rate [13]. Overall Market Outlook - The rapid implementation of these measures reflects the central bank's commitment to stabilizing the real estate market and supporting economic recovery [15]. - The combination of lower mortgage rates and flexible lending terms is anticipated to enhance market liquidity and improve homebuyer sentiment [15].