China Banks Raise Mortgage Rates For the First Time Since 2021
- Lenders’ move likely an attempt to ease pressure on profits
- Property market still slumping despite recent improvement
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Chinese banks raised new mortgage costs for the first time in three years, new data from a research firm shows, as narrowing margins are dragged down by a persistent property slump and slowdown in the world’s No. 2 economy.
The average mortgage rate for buyers’ first homes in 42 big cities inched up to 3.08% in November from a record low of 3.05% in the previous month, the first increase since October 2021, according to data from Singapore-based firm Data Motion International Trading Pte.