BEIJING / RankWire.AI / – China maintained its benchmark lending rates in September, holding the one-year loan prime rate steady at 3.0%. The over-five-year LPR was also unchanged at 3.5%, based on the official September 20 fixings. Since many lenders reference the longer-term rate for mortgage pricing, this decision kept both benchmarks at their August levels.
The People’s Bank of China authorized the National Interbank Funding Center to publish the September loan prime rates, which will stay in effect until the next LPR release. The one-year LPR serves as a key reference for a variety of corporate and household loans, while the over-five-year rate primarily influences mortgage and long-term borrowing costs.
The decision to hold rates steady comes amid fresh economic data on lending, housing, and consumer prices. In August, China’s consumer price index increased by 0.8% compared to the previous year. Additionally, consumer prices rose by 0.4% from July. These figures offer a snapshot of current inflation trends while the September benchmarks remain unchanged.
Mortgage benchmark stays at 3.5%
Housing market data reveal persistent disparities across Chinese cities and segments. In August, new home prices in first-tier cities increased by 0.1% from July. Shanghai experienced a 0.4% monthly rise, whereas Guangzhou and Shenzhen saw increases of 0.1% and 0.2%, respectively. Beijing, on the other hand, recorded a 0.2% decline during the same period.
During the first eight months of 2026, real estate investment amounted to 4.798 trillion yuan, representing a 19.9% drop compared to the same period last year. Residential investment decreased by 19.7% to reach 3.702 trillion yuan. Meanwhile, sales of newly constructed commercial properties totaled 4.747 trillion yuan, down 13.0% year on year.
Latest property and credit figures reinforce the current LPR levels
From January through August, new commercial property sales by floor area reached 498.8 million square meters, reflecting a 12.1% decline from the previous year. Residential sales area fell by 13.0%, and the value of residential transactions dropped by 13.1%. Property developers’ individual mortgage loans during this period totaled 684.6 billion yuan, a decrease of 22.4%.
By the end of August, China’s total social financing had grown to 464.8 trillion yuan, an increase of 7.2% over the previous year. Loans in renminbi to the real economy amounted to 278.63 trillion yuan, up 5.0% annually. Government bonds within the social financing stock stood at 103.69 trillion yuan, marking a 13.5% rise. As a result, the September one-year LPR remains at 3.0%, and the over-five-year mortgage rate stays at 3.5%.