LPR下降10BP！房贷利率进入“2时代”，上海已执行新利率

Core Viewpoint - The recent reduction in Loan Prime Rate (LPR) by the People's Bank of China (PBOC) is expected to lower mortgage rates, particularly for first-time homebuyers, stimulating housing demand and easing repayment pressures for existing homeowners [1][3][6]. Summary by Sections LPR Adjustment - On May 20, 2025, the PBOC announced a 10 basis point reduction in both the 1-year and 5-year LPR, bringing them down to 3.00% and 3.50% respectively [1]. - The 5-year LPR serves as the benchmark for mortgage rates, indicating a potential decrease in housing loan rates [1]. Mortgage Rate Impact - The first-time home loan rate has dropped below 3% for the first time, with some cities reporting rates as low as 2.90% [6][7]. - The average mortgage rate for new commercial personal housing loans in Q1 2025 was 3.11%, with first-time home loans averaging around 3.06% [3]. Financial Relief for Homebuyers - A calculation based on a 1 million yuan mortgage over 30 years suggests that the recent LPR adjustment could save homebuyers approximately 56 yuan per month, totaling around 20,162 yuan in interest savings over the loan term [7]. - The adjustment is expected to further reduce the financial burden on existing homeowners as their mortgage rates are also likely to decrease [7]. Economic Context and Rationale - The decision to lower rates aligns with the central government's strategy to support the economy, stabilize employment, and boost market confidence [8]. - The real estate sector is seen as a key driver for economic recovery, necessitating measures to stimulate demand [8][9]. Market Expectations - There is anticipation for additional supportive policies for the real estate market, as recent trends show a decline in new housing sales and investment [9][12]. - Analysts suggest that the current monetary policy will continue to be accommodative, with expectations of further rate cuts in the future [10]. Rental Market Dynamics - Recent adjustments in deposit rates by major banks indicate that rental yields in first-tier cities are now more attractive compared to fixed deposit returns [13][15]. - The rental-to-price ratios in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen are reported to be around 1.49% to 1.68%, reflecting a favorable rental market [15].