The currently implemented LPR is 4.6, and the interest rate implemented in some areas is between 4.6-4.9. According to the current policy, it will be reduced by 20 basis points, and the first home loan interest rate will reach 4.4, which will create a new All-time low. At present, the mainstream mortgage interest rates in more than 80 key cities have been reduced month-on-month, and the down payment ratio of mortgage loans in 8 cities has dropped to 20%. What is the reason for the reduction in mortgage interest rates? Let me talk about my personal understanding below. Generally speaking, there are three factors that affect mortgage interest rates.
1. Market supply and demand relationship, this is relatively simple and easy to understand. Price is determined by supply and demand. Mortgage is also determined by supply and demand. It's just that the supply and demand sides are somewhat special. The supplier is a bank, and the product is the loan amount. The demand side is a home-buying customer, and his demand is a 30-year mortgage loan amount. When the demand for mortgages is greater than the available loan amount, the mortgage interest rates will rise; otherwise, the mortgage interest rates will fall. Since late February, banks in many cities have taken the initiative to lower loan interest rates. This is because since the fourth quarter of 2021, the real estate situation has taken a sharp turn, customer confidence is insufficient, and there is a strong wait-and-see sentiment, which has led to low real estate transaction volume since January this year. As expected, the corresponding bank lending amount also exceeded expectations.
2. The country’s need for macroeconomic regulation, or the need for economic regulation in a certain subcategory, such as real estate.
3. In response to the country’s need to respond to international macroeconomic shocks, for example, in response to the previous interest rate hikes in the United States, our country will most likely adopt interest rate cuts in response.
How much can you save on buying a house now compared to before?
If our loan amount is 1 million, according to the calculation method of equal principal and interest, the loan period is 20 years, and calculated at an interest rate of 4.6, then the monthly payment will be approximately 6,381 yuan. If the interest rate is 4.4 By calculation, the monthly payment is 6,273 yuan, which is about 108 yuan less per month. For the same loan amount and calculation method, the loan period is 30 years. If calculated at an interest rate of 4.6, the monthly payment will be approximately 5,126 yuan. If calculated at an interest rate of 4.4, the monthly payment will be approximately 5,007 yuan. In this case, each month 119 yuan less. To sum up, in terms of monthly cost savings, it may not feel like a lot, but over the course of a year, it can save about 1,300 yuan.