The National Interbank Financing Center said the LPR interest rate for terms of more than 5 years, which many lenders base on mortgage interest rates, also remained unchanged from the previous 3.95%.
The one-year lending prime rate (LPR) in China, the market-based benchmark lending rate, was 3.45% today, unchanged from last month. The National Interbank Financing Center said the five-plus-year LPR rate, which many lenders base on mortgage rates and which fell 25 basis points in February to 3.95%, also did not change.
Interest rates for terms over five years fell 25 basis points in February to 3.95% – the biggest drop in recent years. One-year interest rates were unchanged in February.
A state news agency reported that the lower LPR is likely to strengthen the credit and real estate markets, reduce the financing costs of businesses and individuals, and contribute to a stable economic recovery.
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