Four of China's biggest state-owned banks confirm mortgage rate cuts, beginning October 25

Four of the biggest state-owned banks in China confirmed over the weekend that cuts to existing mortgage rates will start on October 25.

We knew this was coming :

• PBOC tells banks to lower mortgage rates before October 31

The People's Bank of China said cut 'em by no less than 30 basis points (bps) below the Loan Prime Rate (LPR). The current 5-year LPR, used as a reference for long-term credit including mortgages, is 3.85%. Thus mortgage rates will fall to 3.55%.