Mortgage rates in Shanghai set to increase

Huang Yixuan
The mortgage rate for first-home buyers will be lifted from 4.65 to 5 percent, while the rate for second-home buyers will be adjusted from the current 5.25 to 5.7 percent.
Huang Yixuan

Shanghai will see rising mortgage rates beginning from Saturday.

Several banks in the city revealed that the mortgage rate for first-home buyers in Shanghai will be lifted from 4.65 to 5 percent, while the rate for second-home buyers will be adjusted from the current 5.25 to 5.7 percent.

The Shanghai Head Office of the People's Bank of China and banks in the city held a meeting on Friday morning to arrange the increase in mortgage rates, as reported by the Shanghai Media Group.

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