Shanghai quickly cuts the first-home mortgage rate to 3.05%, while Hefei, Suzhou, and Nanjing still implement a 3% first-home mortgage rate.

Today, the loan market quotation interest rate saw its first reduction of the year, with both the 1-year LPR and 5-year and above LPR decreasing by 10 basis points. Reporters learned from several banks in Shanghai that the interest rate for first homes has been reduced to 3.05%, second homes in the main urban area to 3.45%, and second homes in areas such as Lingang and Jiading to 3.25%. However, the Caixin reporter noted that in cities such as Suzhou, Nanjing, and Hefei where the original interest rate for first homes was 3%, banks have maintained this rate by reducing the margin instead of adjusting the interest rate after today's LPR reduction. Taking Suzhou as an example, the original interest rate for first homes was 3.6% with a margin of 60 basis points. After today's LPR decrease to 3.5%, in order to keep the first home rate at 3%, the margin will be adjusted to 50 basis points at 3.5%.