When banks cut interest rates, mortgage interest will also drop. Relevant regulations are as follows: adjustment of benchmark interest rate. For loans that have been issued, a new benchmark interest rate will generally be implemented from next year 1 month 1 day to reduce monthly payments.
The calculation of deposit interest is based on floating interest rate. Interest and currency are adjusted with the adjustment of interest rate, and the benchmark interest rate and repayment amount will also be adjusted. As for stock deposits (loan mortgages), the floating (or falling) range is stable during the deposit period. If the benchmark interest rate is adjusted, the deposit interest rate will rise (or fall) based on the new interest rate.
For example, Xiao Wang's original mortgage interest rate is 10% off the benchmark interest rate, so as long as the benchmark interest rate remains unchanged at 4.9%, no matter how much the current mortgage interest rate rises, it has nothing to do with Xiao Wang. It's still 10% off the benchmark interest rate, which is 4.9% off. However, if the benchmark interest rate falls to 4.5%, Xiao Wang's mortgage interest rate will become 4.5%, with a 10% discount, which means that the monthly repayment amount will be reduced.
Of course, no matter how it is calculated, it has no effect on the interest paid. Note: As for when to implement the new interest rate, it should be determined according to the nature of deposits (trade deposits are still provident fund deposits), deposit banks and relevant treaty rules.
Extended data:
The mortgage interest rate in China is not always constant, but often changes. The form is that interest rates have been rising, so we often compare the situation before and after raising interest rates.
2065438+June 7, 2002, the central bank issued an urgent document to commercial banks, requiring that the lower limit of the floating range of individual housing loan interest rate of commercial banks should still be 0.7 times of the benchmark interest rate.
Commercial banks will implement the new interest rate: if the loan term is more than one year, the loan interest rate will be adjusted once a year, and it will be 65438+ 10/0 in June. If the benchmark interest rate is not adjusted within the loan term, the loan interest rate will not be adjusted. On March 20 17, Beijing 16 Bank cancelled the 10% discount on the first home loan interest rate and adjusted the first home loan interest rate to 9.5%.
Baidu encyclopedia-characteristics and calculation formula of mortgage interest rate