The average mortgage rate for a first-time buyer in 103 mainland Chinese cities fell to 4.04% in February, the lowest level since 2019, according to the Beike Research Institute, reports the South China Morning Post.
The new low, down 6 basis points from a month ago, indicates banks are falling in line with government measures aimed at stimulating demand in the beleaguered housing market. The rate is down by 143 basis points from a year ago.
In a report on Monday, Beike said 23 of the 103 cities it tracks, including provincial capitals like Nanning in southwestern Guangxi, Harbin in northeastern Heilongjiang and Kunming in Yunnan province, lowered their interest rate for first homes in February. It means that 34 cities, mostly in the second- and third-tier, are now offering a rate below 4.1%.
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