If the floating interest rate is selected when handling the mortgage, the increase of the benchmark interest rate of the mortgage will have a certain impact on the previous mortgage. If you choose a fixed interest rate, the increase in the benchmark interest rate of mortgage will not affect the previous mortgage.

Personal mortgage interest rate will not be immediately affected by the increase of benchmark interest rate. The implementation of the new mortgage interest rate usually starts from 1 of the following year, or the date corresponding to the mortgage lending date, depending on the repricing date selected by the lender.

Is the mortgage interest rate annual interest rate or monthly interest rate?

The mortgage interest rate is the annual interest rate. The mortgage contract stipulates the mortgage interest rate. When the user chooses a fixed interest rate, the mortgage interest rate will not change during the loan period. When the floating interest rate is selected, the mortgage interest rate will be adjusted with lpr.