The rise in home mortgage rates will adequately tame soaring property prices and lower risks, but local policymakers should be aware of protecting first-time buyers, according to experts.

A report by Beike Research Institute revealed that mainstream home mortgage rates saw a 6 basis points increase for first-time and second-time homebuyers across the nation"s 72 cities, reaching 5.47 percent and 5.73 percent respectively.

Up to 26 cities monitored by the institute raised first-time home mortgage rates in May, and 23 cities marked up rates for a second home purchase.

The five-year prime rate, on which many lenders base their mortgage rates, remained unchanged from the previous reading of 4.65 percent.

Home mortgage rates have reversed the downward trend since November, approaching levels of March and April 2020, the report said.

The four largest banks in Guangzhou, Guangdong province, adjusted mortgage rates in May, with the lowest rate 5.4 percent for first-time buyers and 5.6 percent for those already having one property.