In February, the average mortgage interest rate fell again in China.
According to statistics, in February 2023, the mainstream interest rate of first-home loans in 100 Chinese cities averaged 4.04%, a month-on-month decrease of 6 basis points. This is another significant decline after basically being stable in the past four months. The average interest rate of second-home loans is 4.91%, which is flat month-on-month and down 84 basis points year-on-year.
According to statistics, among the cities that met the dynamic adjustment of the first set of interest rates in February, 17 cities including Shijiazhuang, Harbin, Changchun, and Fuzhou have adjusted the first set of home loan interest rates to less than 4%.
Affected by this, in February, 23 of the 103 key cities monitored by the Shell Research Institute lowered the first-home loan interest rate, and the number of cities with the first-home loan interest rate lower than the lower limit of the mortgage interest rate (4.1%) increased to 34 cities.
Among them, the cities with the lowest first-home loan interest rates are Zhuhai and Nanning, both at 3.7%.