Under the policy background of “Housing is for living in，not for speculation” and “Not using real estate as a mean to stimulate the economy in short term”，the personal housing mortgage loan market has maintained a relatively stable state. From the perspective of total volume，the personal housing mortgage loans balance of financial institutions was 30.07 trillion yuan at the end of 2019，and the year-on-year growth rate of personal housing mortgage loans balance continued to decline. From the perspective of price，the average interest rates of personal housing mortgage loans showed a downward trend in the first half of 2019，but it rose again due to the influence of policies in the second half of 2019. From the perspective of risk，although the debt service-to-income ratio of the household sector is rising fasters，benefiting from the implementation of macro-prudential and diversified housing credit policy in China，the down payment ratio of the new housing loans is more than 50%，which means that the risk of housing loans is small. The personal housing mortgage loan non-performing rate is low，and the risk of personal housing mortgage loans does not have a significant impact on the banking systemin the short term. Looking forward to 2020，we tend to believe that the growth rate of personal housing mortgage loans balance in financial institutions will remain stable or slightly decline. And the real average level of personal housing mortgage loans interest rates will decline slightly with the decline of 5-year LPR. In terms of risks，we do not expect that the non-performing rate of personal housing loans and the new LTV will increase significantly. And the housing loan income ratio will continue to rise slightly as in 2019.