Mortgage rates in China have come down to the lowest level since 2008 after lenders slashed their five-year loan prime rate (LPR) by 25 basic points earlier this month, the first cut since last June.

The average borrowing rate for first-time home buyers came down to 3.59% this month, while the average for second home buyers was 4.16%, both a decline of 25 basis points from a year ago, according to think tank Beike Research Institute’s study of 100 cities.