房地产：年内LPR第三次下调，房贷利率再创新低！

Investment Rating - The report indicates a positive outlook for the real estate market, driven by the recent adjustments in the Loan Prime Rate (LPR) which are expected to stimulate housing demand and stabilize the market [3][5]. Core Insights - The People's Bank of China has lowered the 1-year and 5-year LPR by 25 basis points, bringing them to 3.10% and 3.60% respectively, marking the third reduction this year [1][3]. - The cumulative reduction of the 5-year LPR this year amounts to 60 basis points, the highest since the LPR reform in 2019, reflecting the central bank's commitment to support the real estate market [3][5]. - The reduction in the 5-year LPR is expected to lead to further decreases in mortgage rates across various regions, with some cities potentially seeing rates drop to around 3.0% [4]. - The adjustment in LPR is anticipated to narrow the interest rate spread between public housing loans and commercial loans, further reducing the cost of home purchases for buyers [4]. Summary by Sections - LPR Adjustments: The 1-year and 5-year LPR have been reduced to 3.10% and 3.60% respectively, with a total of three reductions this year [1][3]. - Impact on Mortgage Rates: The decrease in the 5-year LPR is likely to guide local mortgage rates lower, with some cities already seeing rates below historical lows [4]. - Future Expectations: The report suggests that the adjustments in LPR will lead to a broader reduction in existing mortgage rates, benefiting most homebuyers by early next year [4][5].