1st LD-Writethru: China to cut mortgage rates for existing home loans

BEIJING, Sept. 24 (Xinhua) -- China will lower mortgage rates on existing home loans to a level similar to those of newly issued housing loans, Pan Gongsheng, governor of the People's Bank of China (PBOC), said on Tuesday.

The average reduction in mortgage rates for existing home loans is expected to be around 0.5 percentage points, he told a press conference.

"The new policy, which is conducive to furthe