Finance & Money · LPR（贷款市场报价利率） · Updated 2026-10-25
What Is LPR (Loan Prime Rate)?
Definition
LPR is published on the 20th of each month in two tenors (1Y and 5Y+). Mortgage rate = latest 5Y+ LPR + fixed contract spread; floating-rate loans reprice annually.
Formula
Rate = LPR + spread (in bps)
Worked Example
On a 1M loan over 30 years, a 10bp LPR cut saves about 12,600 yuan of total interest.
Common Misconception
"My payment drops the day LPR falls" - floating-rate loans reprice only on the repricing date; the fixed spread never changes, only LPR itself does.
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