On the eve of the release of the new LPR, some regions such as Guangzhou and Xiamen “defied the trend” and raised mortgage interest rates.

We will uniformly implement it starting from May 18th. For newly signed loan contracts, the rate is 3.1%. Foreign banks and small commercial banks should be able to lower it at 3.1%. On May 19th, a person from a large intermediary agency in Guangzhou told a reporter from Jiemian News.

Several commercial bank officials have also confirmed that the loan interest rate for first homes in Guangzhou has been uniformly adjusted from the previously implemented LPR-60 basis points to LPR-50 basis points. That is, the mortgage interest rate for first homes with a term of more than five years has increased by 10 basis points, rising from the original 3.0% to 3.1%.

However, some personal loan professionals from joint-stock banks told Jiemian News reporters that they have not received any notice yet and there may still be certain uncertainties in the implementation.

The reporter from Jiemian News learned that Xiamen has also raised its mortgage interest rate, but by 5 basis points. The lower limit of the first-home mortgage interest rate for personal housing loans has been adjusted from LPR-50 basis points to LPR-45 basis points. The adjusted first-home mortgage interest rate level has increased from 3.10% to 3.15%.