**Mortgage Rates for New Home Loans Rise Back to "3%" in Select Cities**

**Mortgage Rates for New Home Loans in Some Cities Return to the "3%" Range**

SMM November 11 report: Following a 25-basis-point decrease in the Loan Prime Rate (LPR) in October, mortgage rates in some cities dipped into the "2%" range. Within less than half a month, recently, several cities, including Guangzhou, Hangzhou, Nanjing, and Suzhou, have joined the ranks of those adjusting mortgage rates upwards. According to multiple banks in these cities, new mortgage rates are now being implemented at 3%. "Guangzhou is the first city to raise the floor for mortgage rates amidst the current stabilizing trend in the real estate market, which serves as a significant benchmark," said Yan Yuejin, Vice President of the Shanghai E-House Real Estate Research Institute. The increase in new mortgage rates stems from the inversion between housing provident fund loan rates and mortgage rates, indicating that mortgage rates have basically "hit bottom" rather than signaling policy tightening. Since it involves a reverse operation in mortgage rates, policy interpretation and expectation guidance need further enhancement.