Finance & Money · 固定利率与浮动利率（Fixed vs Floating） · Updated 2026-10-25
What Is Fixed vs Floating Rate?
Definition
Fixed rates stay constant for the term (hedging rate rises); floating = benchmark (e.g. LPR) + fixed spread, reset once a year on the repricing date. After converting legacy mortgages to LPR pricing, the spread is lifelong while only LPR floats. The logic: expect rising rates → fix (lock the low cost); expect falling rates → float (enjoy cuts). But nobody consistently predicts rates — the pragmatic rule is to match cash-flow stability: budget for the payment volatility floating brings.
Formula
Floating payment = current benchmark LPR + contractual spread
Worked Example
2020: LPR 4.8% + 30bp = 5.1%; by 2024 LPR fell to 3.95% → 4.25%. On a 1M 30-year loan the payment drops from 5,460 to 4,914, saving ~197k of interest over 30 years.
Common Misconception
"Floating means the bank can squeeze me" — the spread is locked by contract; only the national benchmark LPR moves. And "fixed never changes" needs a contract check: some products reset the fixed rate every N years.
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