刚刚，央行公布5月LPR ，5年期LPR的利率下降了10个基点，从3.6%降至3.5%！ | | 期限 | LPR(%) | | --- | --- | --- | | 1 | 1Y 10 | 3.00 | | 179 | 5Y | 3.50 | 这样一来， 北京的首套房贷利率降到了3.05%，创下了历史最低值 ， 二套房贷最低利率也达到了3.25% ，同样是历史最低。 | | | 北京当前房贷利率(新发放贷款) | | | --- | --- | --- | --- | | | | 商贷 | 公积金贷 | | 首套房 | 五环内 | 3.05% | 2.60% | | | 五环外 | | | | 二套房 | 开环内 | 3.45% | 40 9065 · 京房字 | | | 五环外 | 3.25% | | 此前，公积金贷款已经在本月8日起下调利率，同样也创下了历史最低利率。 01 2019年8月，央行实行房贷利率的新政策，住房商贷利率以最近一个月相应期限的贷款市场报价利率（LPR）为定价基准加点形成。 所以说，每月20日公布的最新一期LPR，决定着房贷的基本利率，直接关系到咱们每月还贷的多少。 先给大家说一 ...

证券代码：000402 证券简称：金融街 公告编号：2025-063 根据中国证券登记结算有限责任公司深圳分公司提供的数据， 在回售登记期有效回售申报数量为 4,000,000 张，回售金额为 400,000,000 元（不 含利息），撤销回售数量为 200,000 张，撤销回售金额为 20,000,000 元；撤销回 售后，已回售债券数量为 3,800,000 张。 根据《金融街控股股份有限公司关于"22 金街 03"债券持有人回售结果的 公告》，发行人于 2025 年 5 月 13 日至 2025 年 5 月 15 日对回售债券实施转售， 拟转售债券数量 3,800,000 张。截止披露日，本期债券完成转售数量为 3,800,000 张。本次转售实施完毕后，"22 金街 03"剩余托管数量为 5,000,000 张。 金融街控股股份有限公司 债券代码：149915 债券简称：22 金街 03 金融街控股股份有限公司 关于"22 金街 03"债券转售实施结果公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 根据《金融街控股股份有限公司 2022 年 ...

Core Viewpoint - The recent announcement by the State Council includes significant policies such as interest rate cuts and reductions in public housing loan rates, aimed at alleviating the financial burden on homebuyers [1] Group 1: Interest Rate Cuts - The central bank has lowered the policy interest rate by 0.1 percentage points, which is expected to lead to a corresponding decrease in the Loan Prime Rate (LPR) by approximately 0.1 percentage points [3] - Currently, the LPR is at 3.6%, and most existing mortgage rates are set at LPR minus 30 basis points, resulting in an effective rate of 3.3% for existing borrowers [4] - Following the interest rate cut, the LPR is projected to drop to 3.5%, leading to a new mortgage rate of 3.2%, which would save borrowers approximately 50 yuan per month on a 1 million yuan loan over 30 years [5] Group 2: New Homebuyer Benefits - New homebuyers are currently benefiting from lower rates, with some receiving LPR minus 70 basis points, resulting in a rate of 2.9%, which will decrease to 2.8% after the recent cut [6] Group 3: Future Rate Expectations - There is speculation that further interest rate cuts may occur in 2025, with a potential reduction of 50 basis points due to a combination of factors including a clear monetary easing policy and weak market demand for housing [9] - The next expected rate cut may depend on the U.S. Federal Reserve's actions, with predictions of three rate cuts within the year [9] Group 4: Public Housing Loan Rate Adjustments - The People's Bank of China has announced a reduction in public housing loan rates effective from May 8, 2025, with first-time homebuyer rates adjusted to 2.1% for loans up to 5 years and 2.6% for loans over 5 years [12] - For second-time homebuyers, the rates will be adjusted to not lower than 2.525% for loans up to 5 years and 3.075% for loans over 5 years [12][13] - Existing loans issued before May 8, 2025, will see adjustments starting January 1, 2026, in most regions, although Shenzhen may implement changes sooner based on previous practices [13]

Core Points - The People's Bank of China announced a reduction in personal housing provident fund loan interest rates by 0.25 percentage points, effective from May 8, 2025 [2][3] - The new interest rates for first-time homebuyers are set at 2.1% for loans of 5 years or less and 2.6% for loans over 5 years, while second-home loans will be at no less than 2.525% and 3.075% respectively [2][3] Group 1: Loan Limits and Conditions - The maximum personal loan limit for first-time homebuyers is 840,000 yuan, with a minimum balance requirement of 52,500 yuan [1] - For families with two or more children, the maximum loan limit increases to 900,000 yuan, with a minimum balance of 56,300 yuan [1] - The maximum loan limit for families purchasing guaranteed housing is 720,000 yuan, with a minimum balance of 45,000 yuan [1] Group 2: Impact of Interest Rate Changes - The recent interest rate cut is expected to lower the mortgage costs for homebuyers, with a monthly payment reduction of approximately 132 yuan for a 1 million yuan loan over 30 years [3] - The total repayment amount (principal + interest) for a 1 million yuan loan will decrease from 1.4888 million yuan to 1.4412 million yuan, saving borrowers about 47,600 yuan [3] Group 3: Historical Context - The current interest rate for first-time homebuyers is the lowest on record, with the highest rate previously recorded at 5.22% in 2007 [3] - The last adjustment before this was in May 2024, where the rate was reduced by 0.25 percentage points to 2.85% for loans over 5 years [3]

中金研究 本文旨在从金融视角对美国过去40-50年的房地产发展历程做一个框架式的回溯，针对资产价格、债务结构、融资模式、工具内涵、企业形态等方面做 一个纲要式的分析，为我们看待与展望中国的问题提供一些启示。 点击小程序查看报告原文 Abstract 过去40余年美国房地产债务扩张主要是利率长期下行这一宏观范式的结果。 我们考证发现：1）房价从可负担性的角度呈现周期变化，利率中枢下行带来 的可负担性提升是房价长期上行的主要原因；2）租售比水平长期和利率同步趋势下行，带动住房估值水平提升；3）鉴于住房自有率和成交量的长期变化 不明显，房地产债务扩张主要由长周期维度房价上涨（且跑赢通胀）驱动，因此也可以认为是过去全球化环境中宏观范式的一种体现。往前看，这种范式 可能会变化，房价对通胀的超额收益可能收敛。 融资结构的变化与流动性供给机制的创新有参考意义。 历轮房地产市场调整都可能会催生流动性供给机制的创新，因此从金融角度看美国近代房地产 史，也是一部金融创新与变迁史。主要的脉络，是从1970年代计起，直接融资在房地产债务中的占比持续扩大，50余年下来间接融资和直接融资的结构完 成了一次倒置（从大约七三开转换为三七开） ...