China Banks Raise Mortgage Rates For the First Time Since 2021

Category: Finance

Chinese banks have raised mortgage rates for the first time in three years, with the average rate for first homes increasing to 3.08% in November. This change comes amid a persistent property slump and declining home sales, despite recent government stimulus efforts. Analysts suggest that the rate hike may have been guided by regulators to prepare for future rate cuts, although it could negatively impact housing demand.

Keywords: Chinese banks, mortgage rates, property market

Source: Yahoo Finance

Update At: 12/19/2024

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