New news on mortgage rates in 2020: mortgage rates have fallen for three consecutive months!

Monitoring data on mortgage interest rates of 533 bank branches in 35 key cities across the country showed that in February 2020 (the data collection period was January 20, 2020 - February 19, 2020), the national average interest rate for first-home mortgages was 5.50%, a decrease of 1BP month-on-month, which was 70BP higher than the corresponding 5-year LPR; the average interest rate for second-home mortgages was 5.81%, a decrease of 1BP month-on-month, which was 101BP higher than the 5-year LPR. According to the monitoring data of 673 bank branches, in February 2020, the national average interest rate for first-home mortgages was 5.52%, and the average interest rate for second-home mortgages was 5.83%, both down 1 basis point from the previous month.

It can be seen that no matter the sample size, the mortgage interest rate showed a slow downward trend in February, and the mortgage interest rate showed a slow downward trend in the past three months, with a decline of 1-2 BP.

It should be noted that on February 20, the central bank announced the latest LPR quotation. The LPR for terms of more than five years was 4.75%, a decrease of 5BP from the previous value. However, the data for this report were collected before February 20, and the corresponding LPR level for terms of more than five years was still 4.8%.

70% down payment ratio is 30%, and most of them are 20% in cities without purchase restrictions

In February, among the 41 key cities monitored by Rong360|Jianpu Technology Big Data Research Institute, the number of cities with a mainstream down payment ratio of 30% for first-time home buyers was the largest, with 30 cities, accounting for 73%, including two first-tier cities of Guangzhou and Shenzhen and 28 second-tier cities such as Nanjing and Hangzhou; the mainstream down payment ratio for first-time home buyers in 8 cities was 20%, including Nanning, Harbin, Changchun and other places; the down payment ratio for first-tier cities of Beijing and Shanghai was 35%, and the mainstream down payment ratio for first-time home buyers in Huizhou was 25%.

The mainstream down payment ratio means that the vast majority or even all banks in the city implement this down payment policy. The down payment ratios implemented by some banks in some cities are different from the mainstream level, but the difference is mainly that they are higher than the mainstream level. Only in very few regions are the down payment ratios of some individual banks lower than the mainstream level.