For some time, the supply and demand sides of the real estate market have gradually recovered, and the capital price of personal housing loans has further declined. Under the guidance of the dynamic adjustment mechanism of the interest rate policy of the first housing loan, the interest rate of the first housing loan in some cities has dropped below 4%, and the cost of housing purchase has continued to decline. From the supply side, the liquidity of real estate enterprises has been alleviated in an orderly manner, the financing environment of high-quality real estate enterprises has improved significantly, and the special loan funds for guaranteed housing have been basically put into the project, effectively promoting the construction delivery, and the reasonable demand of the real estate market is expected to be further released. Recently, the interest rate of the first home loan in many places has been further reduced, some of which have dropped to 3.8% and 3.7%. According to the data of the Shell Research Institute, as of January 31, among the 103 cities monitored, there were 30 cities with the loan interest rate of the first house lower than 4.1%, including 8 second-tier cities, and the rest were third-tier and fourth-tier cities. The decline of the interest rate of the first housing in these cities is closely related to the dynamic adjustment mechanism of the interest rate policy of the first housing loan. A few days ago, the People's Bank of China and the Banking and Insurance Regulatory Commission issued a notice, deciding to establish the first dynamic adjustment mechanism of housing loan interest rate policy. If the sales price of new commercial residential buildings in a city has declined for three consecutive months on a month-on-month basis and on a year-on-year basis, the city can maintain, reduce or cancel the lower limit of the local interest rate policy for the first house in a phased manner. This policy is the continuation of relevant policies in the fourth quarter of last year. Last September, the People's Bank of China and the Banking and Insurance Regulatory Commission issued a notice that eligible cities could relax the lower limit of the interest rate of newly issued first housing loans in the fourth quarter of the year at their own discretion. "After the introduction of the policy, some city governments actively made corresponding adjustments to drive down the interest rate of new housing loans." Zou Lan, Director of the Monetary Policy Department of the Central Bank, said that the data showed that the national average interest rate of new personal housing loans issued in December 2022 was 4.26%, down 1.37 percentage points from December 2021, and has reached the lowest level since the statistics began in 2008. "This adjustment is mainly based on the good results of the previous policies, according to the principle of implementing policies according to the city, and according to the development of the real estate market in various cities, the dynamic adjustment of 'the range of cities that allow the periodic relaxation of the lower limit of the interest rate of the first set of housing loans', thus forming a long-term mechanism to support the stable and healthy development of the real estate market." Zou Lan said. In response to the voice of whether the decline in the mortgage interest rate in the market will lead to the influx of hot money into the property market, the financial management department clearly stated that the new policy is stable and flexible. "There is an obvious cyclical fluctuation rule in house prices, which has been rising or falling for three consecutive months, indicating that house prices have undergone trend changes, but the trend changes often take a long time to form." Zou Lan said that according to the new policy, although the relevant departments should evaluate the changes in house prices quarterly, if we really adjust the lower limit of the mortgage interest rate, the cycle may be far beyond the evaluation cycle. Improving demand-side expectations, improving social expectations and releasing reasonable demand is an important work in the real estate market this year. The Central Economic Work Conference clearly proposed that we should implement policies based on the city, support the demand for rigid and improved housing, solve the housing problems of new citizens and young people, and explore the construction of long-term rental housing market; We should insist that the house is for living
Edit：wangwenting Responsible editor：xiaomai
Source：china.cn
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