"Continue to guide the downward trend of individual housing loan interest rate and down payment ratio." "Guide commercial banks to adjust the interest rate of individual housing loan in stock in an orderly manner according to law." At the moment when the market is full of expectations for reducing the interest rate of individual housing loan in stock, on August 1, the People's Bank of China and the State Administration of Foreign Exchange held a working meeting in the second half of 2023, the above statement caused particular concern. Data chart: People's Bank of China. Zhang Xinglong, a journalist from China News Agency, took a photo of "supporting and encouraging" changes to "guiding". Recently, multiple departments have made intensive statements on optimizing real estate policies in different occasions, and the central bank has once again released a signal of interest rate adjustment for existing housing loans after half a month. On July 14th, Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, stated at a press conference: "In accordance with the principles of marketization and rule of law, we support and encourage commercial banks and borrowers to negotiate independently to change contract agreements, or to issue new loans to replace existing loans." From the wording, it can be seen that the two expressions have changed, from "support and encouragement" to "guidance". Yan Yuejin, Chief research officer of E-House Research Institute, believes that this means that policy reform has entered the practical level, and also means that some banks may be confused in the practical operation and need the central bank to set the tone. So adjusting the stock of housing loans in the second half of the year is a very significant thing in the real estate industry. From a financial risk perspective, it helps to reduce the risk of default on housing loans. For homebuyers, monthly repayment can reduce the supply, truly reducing the burden, "Yan Yuejin said. Dong Ximiao, the Principal investigator of China Merchants Confederation, also said that compared with the last statement, the requirements put forward by the Central Bank this time were more clear, responded to the market calls and sent more positive signals. It is expected that the central bank will issue guidance or guide commercial banks to lower the interest rates of some existing housing loans with high interest rates through a market interest rate pricing self-discipline mechanism. As for the basic principles of promoting the adjustment of existing housing loans, the central bank emphasized the principles of "legality" and "orderliness". Dong Ximiao believes that "in accordance with the law," that is, the stock mortgage contract should be signed by the bank and the borrower, and the change in interest rate terms should also be under the guidance of the guidance, which should be negotiated and agreed upon by both parties in accordance with the law; Orderly "means that the adjustment of interest rates on existing housing loans will not be" one size fits all ", and may mainly focus on some existing housing loans with significantly higher interest rates. Different reduction rates can be determined based on the level of interest rates, or they can be phased down. How is the bank landing situation? Currently, various banks have been studying policies internally, and discussing issues such as negotiation deadlines, adjustment ranges, and whether cross bank 'mortgage transfer' is allowed are all issues that need to be discussed. We can only express that we will actively follow up with external parties, but there is no specific plan yet. "A staff member of a state-owned bank told a reporter from China New Finance and Economics that they have received daily phone calls and WeChat 'bombings' from customers, but they have not received specific notifications yet. He mentioned that although there have been precedents of "discounted" interest rates on existing housing loans in the past, this is a complex issue involving multiple aspects such as family, law, profitability, and risk. Especially in the face of new customer volume, changes in mortgage loan pricing mechanisms, and a policy environment that is refined to "implement policies according to the city" or even "one city, one policy" or "one district, one policy". It is widely believed in the industry that if the above adjustments are implemented