Chinese Mortgage Rates Headed Above 6pc

iFeng: 3月全国房贷利率步步高 未来存破6%可能
The "March 2011 China Mortgage Rates Market Analysis Report" shows that in March, the average interest rate for the nation's first home loan kept rising. Specifically, first-tier cities performed stably, interest rates did not change significantly, and interest rates on loans for first- and second-home suites in some second-tier cities rose significantly. The report predicts that the average interest rate for the first home loan in the future may exceed 6%.

In March, the average interest rate for the first home loan in the country was 5.51%, which was equivalent to 1.124 times the benchmark interest rate, which was a 0.92% increase from the previous month in February and an average of 4.46% in March last year, an increase of 23.54%.

According to the statistics of the report, 98 bank branches (branches) across the country raised the average interest rate for first-home loans, which accounted for 18.39% of the total, compared with 45 branches (sub-branches) added last month; 9 first-bank loan rates fell , accounting for 1.69%. The first mortgage loan rate of the bank is 1.075 times the benchmark; the highest is 1.18 times the benchmark. At present, the average interest rates of the state-owned four first-line housing loans, including ICBC, Agricultural Bank of China, Bank of China, and China Construction Bank, have surpassed the benchmark interest rate by 10%.

Last month, the ten cities with the lowest average interest rates for the first suites in the country were: Shanghai 5.11%, Xiamen 5.18%, Beijing 5.34%, Xi'an 5.39%, Kunming 5.39%, Taiyuan 5.39%, Urumqi 5.39%, Fuzhou 5.39%, Dalian 5.44%, Shenyang 5.44%. Among them, Shanghai continued to maintain the lowest level of loan interest rates, the highest value is Zhengzhou, up 5.96%. The first mortgage loan rate in the Shanghai area still has the opportunity to enjoy a 10% discount, but the relevant application conditions are more stringent.

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