In July 2024, the LPR quotation was released, and the mortgage interest rate cut landed!
The central bank announced that it authorized the National Interbank Funding Center to announce that the loan market quoted interest rate (LPR) on July 22, 2024 was:The 1-year LPR is 3.35%, and the LPR over 5 years is 3.85%.Both were lowered by 10 basis points compared with June.
Screenshot of the central bank announcement.
Previously, the interest rate of the first home loan in some cities in Hunan has dropped to 3.1%. After this interest rate cut,The interest rate of the first home loan in some cities in Hunan is expected to drop to 3% and hit a new low.
Comparison of monthly supply before and after interest rate reduction in Changsha’s first suite.
From the perspective of Changsha, the current interest rate of the first home loan in Changsha is generally 3.45%-3.65% (more than five years), and the interest rate of the second home loan is 3.95%. After the interest rate cut falls, the interest rates of the first and second home loans in Changsha will be lowered to 3.35%-3.55% and 3.85%.
According to the 30-year matching principal and interest of 1 million yuan commercial loan, the interest rate of the first home loan is 3.45%, the monthly payment is 4,462.58 yuan, and the accumulated interest is 606,500 yuan; After falling to 3.35%, the monthly payment is 4,407.14 yuan, and the accumulated interest is 586,600 yuan.
Based on comprehensive calculation, buyers can save 55 yuan every month and 660 yuan every year, and the accumulated interest can be saved by about 20,000 yuan.
LPR chart. (The data comes from China Money Network)
It is worth mentioning that this interest rate cut will benefit the vast number of stock buyers. In the previous February, the varieties over five years were reduced from 4.20% to 3.95%, down by 25 basis points. In other words, the LPR has cut interest rates by 35 basis points over five years this year.
Laiyuan Hongwang
Editor Xia Hong
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