The interest rates of existing mortgages for first-home purchases will be lowered.

降低首套房现有抵押贷款利率。

Meanwhile, nearly 1 in 4 existing mortgages today have a rate under 3%, the research firm said.

与此同时，这家调研机构发现，目前近四分之一按揭房的房贷利率不到 3%。

A reluctance to buy new homes poses a bigger threat to China's economy than the more conspicuous refusal to repay existing mortgages.

与拒绝偿还现有抵押贷款相比，不愿购买新房对中国经济构成的威胁更大。

Only the United States has such an extreme system of winners and losers, in which new buyers face borrowing costs of 7.5 percent or more while two-thirds of existing mortgage holders pay less than 4 percent.

只有美国有这种输赢很极端的体系，在这个体系中，新购房者面临着7.5%或更高的借贷成本，而三分之二的已经买房的人的利率不到4%。