In this house-oriented era, is your monthly mortgage payment getting popular today? How much has your monthly mortgage payment increased?
Against the backdrop of the general market expectation that the CPI in June will reach a new high again, interest rate increase is conducive to manage inflation expectations and also releases the signal that curbing inflation is still the primary goal of current macro policies. Finally, the central bank pulled the trigger of interest rate increase.
On the evening of July 6, the central bank announced the third interest rate increase this year: starting from July 7, the benchmark RMB deposit and loan interest rates of financial institutions would be increased, among which the one-year deposit and loan benchmark interest rates would be respectively increased by 0.25 percentage points. After the interest rate increase, the one-year deposit and loan interest rates would respectively rise to 3.5% and 6.56%.
This is the third interest rate increase within this year by the central bank, and the fifth interest rate increase since entering the interest rate increase cycle in October last year. After five interest rate increases, the one-year deposit benchmark interest rate has been increased from 2.25% to 3.5%, with a cumulative increase amplitude as high as 1.25 percentage points. Many home buyers complained that their monthly mortgage payments have increased again, but if it continues to increase, the pressure next year will be even greater.
Recently, all major banks have further tightened the first-home loans. Although the down payment ratio is still 30%, it is difficult for home buyers to enjoy the preferential interest rate of 85% discount, and most of them have to implement the benchmark interest rate. The repayment pressure on loan purchasers will further increase after the interest rate increase. Calculated by a commercial loan of 1 million yuan with a loan term of 20 years, if the benchmark interest rate is implemented, the monthly mortgage payment will increase by 149 yuan after the interest rate increase, and the second-home loan implementing 1.1 times interest rate will increase the monthly mortgage payment by 168 yuan. Although the amount of increased monthly mortgage payments is not large, the superimposed effect of several interest rate increases will be very obvious. Compared with the same period last year before the interest rate increase, the total repayment amount of the first-home loan has increased by more than 100,000 yuan, with a relatively large increase.
Previously, the market had generally expected that the central bank was likely to raise interest rates in the near future. After it came true yesterday, some economists said that future inflation was expected to see a peak and then fall back, and the central bank might raise interest rates once again within this year. On the one hand, there were previous interest rate increases, and on the other hand, the possibility of future interest rate increases was still very high, which was a double blow for most mortgagors. In the context of the downturn in the real estate market, the impact of this interest rate increase on the property market will be more obvious, especially it will further affect the rigid demand for home purchase.
Looking at each interest rate increase, the monthly mortgage payment impact on most mortgage buyers is merely an additional burden of around 100 yuan, however, "small numbers are afraid of long-term accumulation". Taking a 30-year loan of 1 million yuan as an example, so far in this round of interest rate increase cycle, within less than one year, the monthly mortgage burden of home buyers has increased by 729.66 yuan, among which only three interest rate increases this year have increased by 432.58 yuan. However, the housing price has not yet truly reached a turning point with indicative significance. On the other hand, the comparative advantage of provident fund loans has been further highlighted after multiple interest rate increases.
We all remember that a 70% preferential interest rate was previously implemented, but now everything has become a mirage, and the only reality is the repeated interest rate increases and the resulting increase in mortgage interest, which is also the most direct feeling of many mortgagors.
Before this interest rate increase, the benchmark interest rate for loans over five years was 6.80%, and after the interest rate increase, it became 7.05%. Taking a 1 million yuan 20-year housing loan as an example, before this interest rate increase, the equal principal and interest repayment monthly payment was 7633 yuan, and the total repayment amount was 1.832015 million yuan. After the interest rate increase, the monthly payment became 7783 yuan, increasing by 150 yuan compared to before the interest rate increase; the total repayment amount became 1.867927 million yuan, increasing by 35912 yuan compared to before the interest rate increase.
Still taking a 1 million yuan 20-year housing loan as an example, before five interest rate increases, the monthly payment was 7130 yuan, and the total repayment amount was 1.711137 million yuan. Now, the monthly payment has increased by 653 yuan, and the cumulative increase in the total repayment amount is 156,790 yuan. At the beginning of 2010, first-home buyers could still apply for a 70% preferential interest rate. Calculated accordingly, since last year's regulation until now, the difference in monthly payments for this mortgage has reached 1640 yuan, and the total interest has increased by nearly 400,000 yuan. (Anjia zsezt2011bo)