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people can't help but ask, why didn't the interest rates of existing mortgages drop in one step? behind this is the complex superposition of policy signals. in september 2023, banks lowered the interest rates of existing mortgages, but there were differences in the specific operation methods. on the one hand, the interest rate level of newly issued loans is determined by independent negotiation between financial institutions and borrowers, and there is a lack of accurate "top-down" reduction range; on the other hand, the margin of newly issued loans on the lpr shall not be lower than the policy lower limit of the first mortgage rate in the city where the original loan was issued.

this has led to a large gap between the interest rates of existing mortgages and those of newly issued mortgages. for example, the central bank's 2023q4 monetary policy implementation report shows that the weighted average interest rate for existing mortgages of various banks has dropped to 4.27% since september last year, but it is still about 82 basis points higher than the weighted average interest rate of new mortgages of 3.45% in 2024q2. this gap has made many people increasingly expect the existing mortgage interest rate to be "reduced", especially in the context of increasing uncertainty in the economic environment, the adjustment of the bank's existing mortgage interest rate will have an important impact on the market.

this phenomenon also reflects the delicate balance between "policy signals" and "market expectations". policy signals are the guiding direction, but market expectations are the driving factor. with the release of policy signals, the market gradually began to expect banks to lower their existing mortgage rates. this expectation will not only stay at the level of "policy signals", but will also trigger attention to "market expectations".