2025.12. 31 岁末年初，存量房贷利率又迎来了调整窗口。从2026年1月1日起，不仅存量商业贷款利率下降，存 量公积金贷款利率也同步下降了。 在商业贷款方面，2025年5月，LPR进行过一次调整，1年期LPR为3.0%，5年期以上LPR为 3.5%，均较上一期下降10个基点。 对于选择以1月1日作为重定价日的首套房贷客户来说，如果执行的是LPR-30BP的贷款利率，那么 重定价日贷款利率将调整为3.2%；如果首套房执行的是LPR-45BP的贷款利率，那么最新的房贷利 率将降至3.05%。 不过，早在2024年10月，为解决新老房贷利差过大等情况，国有大行曾集体公告，存量房贷客户可 申请调整重定价周期，选择按3个月、按6个月、按12个月重定价。贷款存续期内仅可调整一次重定 价周期。 也就是说，部分按3个月、6个月重定价的房贷客户已经调整为最新的利率了。在社交平台上，部分 用户晒出了自己的房贷利率，既有"3字头"，诸如3.3%、3.2%；也有"2字头"，诸如2.6%、 2.8%，具体和当地的房贷政策、银行的执行利率相关。 在公积金贷款方面，根据2025年5月7日发布的《中国人民银行关于下调个人住房公积金贷 ...

不仅存量商业贷款利率下降，存量公积金贷款利率也同步下降了。 在公积金贷款方面，根据2025年5月7日发布的《中国人民银行关于下调个人住房公积金贷款利率的通 知》，自2025年5月8日起，下调个人住房公积金贷款利率0.25个百分点，5年以下（含5年）和5年以上 首套个人住房公积金贷款利率分别调整为2.1%和2.6%。5年以下（含5年）和5年以上第二套个人住房公 积金贷款利率分别调整为2.525%和3.075%。对于2025年5月8日以前已经发放的个人住房公积金贷款， 自2026年1月1日开始，执行调整后的个人住房公积金贷款利率。 岁末年初，存量房贷利率又迎来了调整窗口。从2026年1月1日起，不仅存量商业贷款利率下降，存量公 积金贷款利率也同步下降了。 在商业贷款方面，2025年5月，LPR进行过一次调整，1年期LPR为3.0%，5年期以上LPR为3.5%，均较 上一期下降10个基点。 对于选择以1月1日作为重定价日的首套房贷客户来说，如果执行的是LPR-30BP的贷款利率，那么重定 价日贷款利率将调整为3.2%；如果首套房执行的是LPR-45BP的贷款利率，那么最新的房贷利率将降至 3.05%。 不过，早在2 ...

Core Insights - The central bank's policy adjustment on existing mortgage rates has significantly benefited 50 million households, reducing interest expenses by approximately 300 billion, equating to an annual saving of 6,000 per household [1][4] - This policy is seen as a positive response to public sentiment, addressing the unfairness of the interest rate disparity between existing and new mortgages [4][13] Group 1: Impact on Households - The reduction in mortgage payments allows families to allocate saved funds towards investments and consumption, potentially saving 60,000 over 10 years and 180,000 over 30 years [4] - The policy is expected to alleviate financial pressure on households, enabling them to manage expenses related to housing, vehicles, and children more effectively [13] Group 2: Interest Rate Dynamics - The linkage of mortgage rates to the Loan Prime Rate (LPR) has resulted in a stagnation of LPR adjustments, with no changes for four consecutive months, contrasting with the Federal Reserve's rate cuts [7][13] - Current LPR rates are at 3.0% for one-year loans and 3.5% for loans over five years, indicating limited room for further reductions due to the already low deposit rates [7][9] Group 3: Banking Sector Implications - The current deposit rates are at historically low levels, with a 0.05% rate for demand deposits and 0.95% for one-year fixed deposits, suggesting a near-zero interest rate environment [9] - The narrowing spread between deposit and loan rates poses challenges for banks, particularly smaller institutions that rely heavily on interest income, potentially threatening their operational stability [9][13]

Core Points - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year is set at 3.0% and for five years or more at 3.5%, remaining unchanged for four consecutive months [1] - In Shenzhen, the new policy effective from September 5 states that there will be no distinction between first and second home loan interest rates, both set at 3.05% [3][4] - Several banks in Shenzhen have begun to optimize and adjust the pricing mechanism for commercial personal housing loans following the new policy [5] Group 1 - The LPR remains stable, indicating a consistent monetary policy environment [1] - Shenzhen's new policy simplifies the mortgage landscape by unifying interest rates for first and second homes [3][4] - Banks are actively responding to the new policy by adjusting their loan pricing mechanisms [5] Group 2 - Existing borrowers of second home loans may now apply for interest rate adjustments if their original loan rates exceed the national average by 30 basis points [8] - The adjustment process for existing loans is facilitated through online channels, allowing borrowers to check eligibility and submit applications without fees [6][7] - The criteria for rate reduction are based on the comparison of original loan rates to the current national average, creating a clear threshold for borrowers [8]

Core Viewpoint - Shenzhen's new real estate policy, effective from September 6, eliminates the interest rate differentiation between first and second homes, impacting mortgage rates significantly for borrowers [3][5][6]. Group 1: Policy Changes - As of September 12, multiple banks in Shenzhen announced that they will no longer distinguish between first and second homes in their mortgage interest rate calculations [2][3]. - The new policy allows for a reduction of 40 basis points in the interest rate for second home loans compared to previous rates [6]. Group 2: Financial Impact - For a loan of 1 million yuan over 30 years, the total repayment cost will decrease by approximately 80,000 yuan, with monthly payments reduced by about 220 yuan [6]. - The adjustment in rates is expected to ease the financial burden for customers looking to upgrade their homes, particularly those facing challenges in selling their existing properties [6]. Group 3: Existing Loan Adjustments - Some existing second home loans have triggered the normalization adjustment mechanism for mortgage rates, allowing borrowers to apply for rate adjustments if their current rates exceed a specified threshold [8][9]. - The adjustment criteria are based on the deviation of existing loan rates from the average rates of newly issued loans, with a threshold set at 30 basis points [9]. Group 4: Market Context - The banking sector is experiencing a significant decline in residential mortgage demand, prompting banks to lower rates to attract and retain customers [9]. - The reduction in deposit rates and the overall economic environment provide banks with the incentive to adjust mortgage rates favorably for borrowers [9].

Core Viewpoint - The recent policy changes in Shenzhen's real estate market have eliminated the interest rate differentiation between first and second homes, leading to a reduction in mortgage costs for second homes, which is expected to stimulate market activity and improve housing demand [2][4][7]. Group 1: Policy Changes - As of September 6, 2023, banks in Shenzhen will no longer differentiate between first and second homes in their mortgage interest rate pricing [2][4]. - The new policy results in a reduction of 40 basis points in the interest rate for second home loans compared to previous rates [4][6]. - For a loan of 1 million yuan over 30 years, the total repayment cost will decrease by nearly 80,000 yuan, with monthly payments reduced by approximately 220 yuan [4][6]. Group 2: Impact on Borrowers - Borrowers with existing second home loans can apply for adjustments to their mortgage rates if their current rates exceed the average new loan rates by more than 30 basis points [6][8]. - The adjustment mechanism is designed to allow borrowers to renegotiate their loan terms based on market conditions and individual credit situations [6][8]. - The policy aims to alleviate the financial burden on homeowners looking to upgrade, particularly those facing challenges in selling their existing properties [4][8]. Group 3: Market Dynamics - The reduction in mortgage rates is seen as a strategy for banks to attract and retain customers amid declining housing demand and increased competition [8]. - The overall decline in household deposits and mortgage activity indicates a pressing need for banks to adjust their lending strategies to maintain profitability [8][9]. - The policy changes are expected to enhance liquidity in the real estate market, particularly for second-hand homes, by stabilizing prices and facilitating transactions [4][8].

Core Viewpoint - Shenzhen's new housing policy eliminates the interest rate differentiation between first and second homes, impacting nearly 20 banks in the region [1][2][4]. Group 1: Policy Changes - As of September 6, banks will no longer distinguish between first and second homes in their interest rate pricing [2][4]. - The new policy allows for adjustments in existing second home loans, triggering a normalization mechanism for interest rates [6][7]. Group 2: Financial Impact - The new policy reduces the interest rate for second home loans by 40 basis points, resulting in a decrease of approximately 80,000 yuan in total repayment costs for a 1 million yuan loan over 30 years [3][5]. - Monthly payments will decrease by about 220 yuan, which is significant for customers with larger loan amounts [5]. Group 3: Market Dynamics - The adjustment aims to stimulate the housing market by easing the financial burden on customers looking to upgrade their homes [5][9]. - Banks are motivated to lower rates to attract and retain customers amid a decline in housing demand and a significant drop in residential deposits [9].

Core Viewpoint - Shenzhen has implemented new housing market policies, leading to significant changes in mortgage lending practices by multiple banks in the region [1] Group 1: Policy Changes - On September 5, Shenzhen introduced new housing market regulations, which prompted banks to revise their lending guidelines [1] - As of September 12, 12 banks, including Industrial Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Shanghai Pudong Development Bank, and Shanghai Bank, announced new policies [1] Group 2: Mortgage Adjustments - The new policies eliminate the distinction between first and second home purchases for mortgage lending [1] - Several banks indicated that existing second-home commercial mortgage loans are now subject to a normalization adjustment mechanism for interest rates, allowing customers to apply for adjustments immediately [1]

Core Viewpoint - The recent adjustment of mortgage rates in Shanghai aims to unify pricing for first and second homes and normalize the adjustment of existing loan rates, following the "8.25" mortgage policy implementation [3][6][10]. Group 1: Policy Implementation - The new mortgage rate adjustment allows existing loan customers to apply for rate changes online, with some completing the process on the same day [3][4]. - The adjustment eliminates the distinction between first and second home loan rates, aligning the new second home loan rates closer to first home rates [6][10]. - The new rates for second homes in core areas have been unified to LPR-45BP, down from LPR-25BP for certain districts [6][10]. Group 2: Customer Impact - A customer reported a reduction in their second home loan rate from 3.45% to 3.36%, resulting in a monthly payment decrease of approximately 50 yuan and total interest savings exceeding 10,000 yuan over 20 years [7][12]. - Many customers expressed concerns about their eligibility for adjustments and the complexity of the calculation process, leading to increased inquiries at banks [12][16]. Group 3: Adjustment Process - Banks have established different procedures for customers to apply for rate adjustments, with some allowing applications via mobile banking apps and others requiring in-person visits [14][15]. - Some banks proactively contacted customers before the official adjustment date to initiate the rate change process [15][16]. - Customers are assured that the adjustment only affects the interest rate and does not alter other loan terms, with no fees charged for the adjustment [17].

Core Viewpoint - The recent adjustment of housing loan interest rates in Shanghai marks a significant shift in the pricing mechanism, unifying rates for first and second homes and allowing for regular adjustments on existing loans [1][2][3] Group 1: Policy Implementation - The new housing loan interest rate adjustment officially took effect on September 1, with many banks allowing existing loan customers to apply for rate adjustments online [1][2] - The adjustment includes a reduction in the interest rate for second homes, which decreased from 3.45% to 3.36%, representing a drop of approximately 9 basis points [1][2] - Over 20 banks, including state-owned and local banks, have announced changes to the pricing mechanism for personal housing loans in Shanghai, with most implementing the changes on the same day [2][3] Group 2: Customer Impact - Customers can expect a reduction in monthly payments; for example, a loan of 1 million yuan over 20 years at the new rate will save approximately 50 yuan per month and over 10,000 yuan in total interest [2] - Many customers have expressed satisfaction with the adjustments, noting that while the reductions are modest, they still alleviate some financial burden [2][4] Group 3: Adjustment Process - The adjustment process allows customers whose existing loan rate add-ons exceed the average new loan rate by more than 30 basis points to apply for a reduction [3][4] - Banks have different procedures for processing these adjustments, with some allowing applications via mobile banking apps and others requiring in-person visits [6][7] - The adjustments do not affect other contract terms such as loan balance or repayment period, and no fees are charged for the adjustments [7]