Financial Times article points out that currently, mortgage rates are at a new low since records began. On October 31, the People's Bank of China announced that the weighted average interest rate for new commercial individual housing loans nationwide in the third quarter of 2024 was 3.33%, a decrease of 0.12 percentage points from the end of the second quarter of 2024, setting a new record low. Apart from being guided by policy rates, operational costs are an important consideration for banks to reasonably determine mortgage rates. Many banks have stated that after considering costs such as funds, risks, operations, capital, and taxes, the breakeven point for new mortgage rates with a term of over five years is basically around 3.2%. Instances of mortgage rates falling below 3% recently are extremely rare, mainly due to irrational competition among a very small number of banks, with some self-media outlets sensationalizing and misleading consumers for traffic and attention. Mortgage rates with a term of over five years significantly below 3% are unsustainable for banks. (Financial Times)