China's new home prices fell the most year-on-year in October since 2015, but a narrowing monthly rate of declines suggested the property sector was beginning to stabilise with a barrage of support from the government. In annual terms, new home prices slid 5.9% in October, in their 16th consecutive month of declines, after a 5.8% drop in September. However, month-on-month, new home prices were down 0.5% in their slowest decline since March, after dipping 0.7% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Mortgage rates stayed flat from last week at 6.78% as financial markets reacted to President Trump's re-election.
The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week.
