The post Mortgage Rates Tick Down to 6.08%—the Lowest Level in Two Years: 'The Market Is Abuzz' appeared first on Real Estate News & Insights | realtor.com®.

Six of China's biggest banks said they would tweak interest rates on mortgages for existing home loans following a request to lower them from Beijing's central bank, state media said Monday, as the country seeks to pull itself out of a housing slump.

China took steps to lower borrowing costs on as much as $5.3 trillion in mortgages for millions of families in its latest attempt to shore up the troubled property sector.

Chinas central bank announced on Sunday that it will instruct commercial banks to reduce mortgage rates for existing home loans before October 31. This is part of a broader effort to support the countrys