【After Lowering the Housing Provident Fund Interest Rate, a 30-Year Mortgage of 1 Million Yuan Could Save a Total of 47,600 Yuan in Monthly Payments】Pan Gongsheng, Governor of the People's Bank of China, stated at a press conference held by the State Council Information Office on May 7 that the interest rate for individual housing provident fund loans would be reduced by 0.25 percentage points. The interest rate for first-home loans with a term of over five years would be lowered from 2.85% to 2.6%, with interest rates for other terms adjusted accordingly. For example, if a housing provident fund loan of 1 million yuan is taken out for 30 years with equal principal and interest repayments, after the reduction in the interest rate for first-home housing provident fund loans, the monthly payment would decrease by approximately 132 yuan, resulting in a total reduction of 47,600 yuan over 30 years.