Mortgage rates for first-time homebuyers decline in Shanghai

Mortgage rates for first-time homebuyers in Shanghai witnessed their first decline in over 23 months during December, marking the 11th straight month in a row that the city had the lowest interest rate across the nation, according to data from online loan search platform Rong360.com.

In December, the country's average mortgage rate was 5.68 percent, 1.16 times the benchmark interest rate that is currently 4.9 percent, down 0.53 percent from the previous month, according to the data.

Analysts said the lower mortgage rate will bolster the confidence of homebuyers, especially those eager to buy homes to move in.