First home loan rates in China have reached the end of a protracted run of nearly two years in month-on-month increases.
According to a new report from Rong360 China’s average first home loan rate in November was 5.71%, roughly on par with the reading for October, bringing an end to 22 months of successive month-on-month gains.
The average first home loan rate in November was 1.165 times the benchmark rate, and 6.53% ahead of the reading for the same period last year.
Rong360 data further indicates that out of 533 banks monitored in 35 cities around China in November, 494 banks, or 92.68% of the total, kept their first home loan rates steady with the preceding month.
Shanghai was host to the lowest average first home loan rate at 5.19%, followed by Xiamen and Dalian, at 5.42% and 5.44% respectively.
Fuzhou came in fourth place with an average rate of 5.46%; Urumqi and Beijing tied for fifth and sixth with a rate of 5.47%, while in Taiyuan, Kunming, Shenzhen and Guangzhou first home loan rates were 5.53%, 5.54%, 5.61% and 5.62% respectively.
The Hubei province capital of Wuhan was host to the highest first home loan rate in November at 6.26%, on par with the reading for October.