Property-loan interest rates to be priced nearer market rates in ways that might avoid further inflating prices
The new policy came one week after the People’s Bank of China unveiled a new benchmark interest-rate system meant to more closely align with market signals. In the short term, the move could lower interest rates and make them more responsive to the central bank’s monetary-policy adjustments.
In a statement on Sunday, the PBOC said new mortgage loans would also be priced based on LPR from Oct. 8. New mortgage loan rates for first-home buyers shouldn’t be lower than related LPRs. It also said rates for second-home buyers have to be at least 60 basis points higher than LPRs. In an attempt to control mortgage rates, the central bank also said Sunday that its branches would release mortgage-rate floors for local lenders based on property policies applied in different localities. That could give the central bank more sway in keeping mortgage rates from falling so far that they could stoke property bubbles.
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