Recently, banks in Beijing have increased the first time buyer mortgage rates to 5 % above of the benchmark rate. Medium to small size banks even increase the rate to 10% or above due to the high cost pressure. Outside of Beijing, in cities like Shanghai, Shenzhen, and Nanjing, other regional commercial banks gradually raise the first time mortgage interest rate 5-10% above of benchmark rate, which signifies the government's determination in curbing housing speculation.