Since November, mortgage rates in many areas have continued to decline. According to data from the Shell Research Institute, following the record low interest rates for the first and second homes in Baicheng in October, the average mainstream mortgage interest rates for the first and second homes in Baicheng were 3.87% and 4.43% respectively in November, a slight decrease of 1 basis point compared to the previous month. According to data from the Shell Research Institute, the interest rates for the first and second mainstream housing loans in Baicheng continued to decline by 22 basis points and 48 basis points respectively in November compared to the same period last year. Since the beginning of this month, the average lending cycle of banks has been 19 days, which is 1 day shorter than last month and the fastest monthly lending speed since 2019. According to hierarchical statistics, the interest rates for first and second home loans in first tier cities in November were 4.38% and 4.88%, both of which were the same as last month; The first home loan interest rate in second tier cities remained at 3.88% from the previous month, while the second home loan interest rate was 4.42%, a decrease of 3 basis points compared to the previous month. Liu Lijie, an analyst at Shell Research Institute, said that the decrease in second tier city second home loan interest rates is mainly affected by Hangzhou, Zhengzhou, and other factors. The second home loan interest rates in Hangzhou's restricted and non restricted areas have decreased by 30 basis points and 40 basis points respectively to 4.5% and 4.4%, while the second home loan interest rates in Zhengzhou have decreased by 40 basis points to 4.4%. The overall first home loan interest rate in third and fourth tier cities decreased by 1 basis point to 3.84%, mainly driven by a 30 basis point decrease in cities such as Huzhou and Shaoxing. Compared to the historical high in September 2021, the average mortgage interest rate for the first home in Baicheng has decreased by 187 basis points in November, the average mortgage interest rate for the second home has decreased by 157 basis points, and the LPR for five-year and above has decreased by 45 basis points over the same period. The cumulative decline in third and fourth tier cities overall exceeds that of first and second tier cities. In third and fourth tier cities, the first home loan interest rates and second home loan interest rates in Huizhou and Luoyang have all decreased by more than 240 basis points. In second tier cities, the first home loan interest rates in Zhengzhou, Nanjing, Chengdu, Suzhou, and other cities have all decreased by more than 200 basis points, and the second home loan interest rates have all decreased by more than 150 basis points. In addition, among first tier cities, the interest rates on first and second home loans in Guangzhou and Shenzhen have decreased significantly, while the interest rates on first home loans in Shanghai have decreased by a cumulative 10 basis points, while the interest rates on second home loans remain unchanged from September 2021. According to data from the Shell Research Institute, as of mid November, only first tier cities among the 100 cities had interest rates higher than 4% on their first home loans, while first tier cities and 10 cities such as Nanjing and Suzhou had interest rates higher than 4.4% on their second home loans. Guan Rongxue, a senior analyst at Zhuge Data Research Center, told Securities Daily that currently, the mortgage interest rates and down payment ratios in Beijing and Shanghai are relatively high, and there is still a possibility of a reduction. The release of overall market demand for home purchases is still slow. Lowering mortgage interest rates can reduce residents' purchasing costs, which is in line with the loose tone of policies. It is not ruled out that there is still a possibility of a subsequent reduction in mortgage interest rates. Chen Wenjing, Director of Market Research at China Securities Research Institute, told Securities Daily that the implementation of economic stability policies is expected to continue to accelerate, monetary policy will continue to exert force, and there is still some room for interest rate cuts in the short term to help the economy operate within a reasonable range. The proportion of loans to key cities has increased due to the continuous optimization of credit policies in various regions. In the third quarter of this year