Under the policy background of “housing is for living in，not for speculation” and “Resolutely curb the rise of house prices”，the individual housing loan market has maintained a steady and tightening trend.From the perspective of total volume，the individual housing loans balance of financial institutions was 25.75 trillion yuan at the end of 2018，and the year-on-year growth rate of individual housing loans balance decreased for eight consecutive quarters.From the perspective of price，the average interest rates of individual housing loans have stopped the upward trend for two consecutive years in December 2018.From the perspective of risk，although the debt service-to-income ratio of the household sector is rising faster than other countries，benefiting from the implementation of macro-prudential and diversified housing credit policy in China，the value ratio of the new housing loans is about 60%，which means that the mortgages for housing loans are sufficient and the risks are small.And the debt service ratio of household is at a medium level in the world，so the risk of debt repayment is low.In general，the risk of individual housing loans does not have a significant impact on financial institutions in the short term.Looking forward to 2019，we tend to believe that the policies for regulating the real estate market are not going to change fundamentally.The real estate market will maintain a steady trend or slightly rising.The growth rate of the individual housing loans balance in financial institutions will remain stable or slightly decline.The interest rate of individual housing loans for first-home buyers will fall sharply，and the interest rate of individual housing loans for second-home buyers will remain stable.