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When LPR comes, will the mortgage be reduced?

When LPR comes, will the mortgage be reduced?

  • Categories:Industry
  • Author:
  • Origin:工人日报
  • Time of issue:2020-01-10 09:50
  • Views:

When LPR comes, will the mortgage be reduced?

(Summary description)A few days ago, the people's Bank of China issued an announcement on the conversion of loan pricing benchmark, which attracted extensive attention from all walks of life, especially the housing loan.

  • Categories:Industry
  • Author:
  • Origin:工人日报
  • Time of issue:2020-01-10 09:50
  • Views:
Information

Original title: [g economic observation] LPR is coming, will housing loans fall?

A few days ago, the people's Bank of China issued an announcement on the conversion of loan pricing benchmark, which attracted extensive attention from all walks of life, especially the housing loan.

城建北方

According to the announcement, from March 1, financial institutions should negotiate with customers of existing floating interest rate loans on the terms of pricing benchmark conversion, and convert the interest rate pricing method agreed in the original contract into LPR (loan market quotation interest rate) as the pricing benchmark plus point, or convert to fixed interest rate. The adjustment involves floating rate loans (excluding provident fund personal housing loans) which have been issued by financial institutions before January 1, 2020 and have signed contracts but not yet issued.

According to the data, by the end of 2018, China's household sector loan balance was 47.9 trillion yuan, and the proportion of household sector loan balance in the total loan balance of deposit financial institutions was 35.1%; among them, the balance of personal housing loan was 25.8 trillion yuan, accounting for 53.9% of household sector debt balance. As an important part of the stock loan, what kind of changes will happen to the mortgage due to LPR naturally becomes the most concerned problem.

From the people's Bank of China's people's Bank of China's relevant responsible person's question and answer, the stock of personal housing loans is indeed the most detailed part. But from the LPR's "past life and this life", mortgage is not the first focus of the policy.

Since its birth, LPR has been shouldering the important task of further promoting the marketization of interest rate, improving the benchmark interest rate system of financial market and guiding the pricing of credit market products.

On October 25, 2013, LPR centralized quotation and release mechanism was officially put into operation. It is designed as the loan interest rate executed by commercial banks for their best customers, and other loan rates can be generated by adding or subtracting points on this basis. At first, all circles had high expectations for the new pricing mechanism. However, in the subsequent operation process, LPR was mostly set by referring to the benchmark loan interest rate. The trend of LPR was not different from the benchmark loan interest rate, and its impact on the pricing of bank loan interest rate was also very limited.

In recent years, the measures to reduce the financing cost of the real economy continue, how to improve the transmission efficiency of interest rate has become a major problem faced by financial policy. In this context, the unfinished LPR has entered the policy vision again.

In August 2019, the people's Bank of China decided to reform and improve the formation mechanism of LPR. At the same time, it made clear that the newly issued loans mainly refer to the quoted interest rate of loan market, and used the quoted interest rate of loan market as the pricing benchmark in the floating rate loan contract.

"After years of interest rate marketization reform, the upper and lower limits of China's loan interest rates have been liberalized, but the benchmark interest rates for deposits and loans are still retained. There is a" double track "problem of the coexistence of the benchmark loan interest rate and the market interest rate." The relevant person in charge of the people's Bank of China said that improving the formation mechanism of LPR, improving the marketization degree of LPR, and giving full play to the guiding role of LPR in loan interest rate are conducive to promoting the "two track integration" of loan interest rate, improving the transmission efficiency of interest rate, and promoting the reduction of financing cost of the real economy.

It is reported that as of December last year, nearly 90% of new loans have been priced according to LPR. This time, the stock credit turned to LPR as the benchmark, with a scale of 1 billion, which was regarded as "a big step after a small step".

There is no doubt that personal housing loans will also produce certain changes. Especially in the global market interest rate downturn environment, the market is generally expected to lower LPR, whether the housing loan will benefit from this has become the focus of the real estate market.

In the past year, LPR showed a downward trend. However, the reporter found that the LPR of one-year period was reduced three times, with a cumulative decline of 16 basis points; the interest rate of LPR with a term of more than five years was adjusted only once, falling by 5 basis points. From the point of view of LPR, it is not appropriate to analyze the impact of LPR.

From the position of the relevant departments, "stable" is still the first key word in the property market, and the arrival of LPR will not make the personal housing loans fluctuate greatly. Prior to that, at the regular policy briefing of the State Council, the relevant person in charge of the people's Bank of China clearly stated: "the reference benchmark interest rate has changed from the reference benchmark interest rate to the reference LPR, and the reference benchmark has changed, but the interest rate level cannot be lowered."

 

(editor in charge: Sun Hongli, Bi Lei)

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