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Loan Rates

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finance2 years ago•1 min saved

China's Central Bank Cuts Key Mortgage Rate to Boost Property Funding

China's central bank has cut its benchmark five-year loan prime rate for the first time since June in an effort to boost the country's sluggish property market. The one-year loan prime rate remains unchanged at 3.45%, while the five-year rate, which affects most mortgages, has been reduced by 25 basis points to 3.95%. This move follows recent efforts by the People's Bank of China to provide long-term capital and encourage banks to support loans for high-quality real estate developers.

via CNBC|

#central-bank #china #economic-stimulus

finance2 years ago•2 min saved

US mortgage lenders face financial losses due to unaffordable housing and excess workforce costs.

US mortgage lenders lost an average of $301 on each home loan they originated last year, marking the first time on record that they have taken losses, according to the Mortgage Bankers Association. The loss was due to a surge in loan rates that caused demand for purchase and refinance applications to plummet to their lowest level in decades. The cost of mortgage lending ballooned to $10,624 per loan last year, outpacing gains in loan servicing. Just 32% of firms active in the mortgage lending sector were profitable last year, down from 98% two years earlier.

via New York Post |

#finance #loan-rates #mortgage-lenders