China's central bank said on Sunday it would tell banks to lower mortgage rates for existing home loans before Oct. 31, as part of sweeping policies to support the country's beleaguered property market as the economy slows.

The country’s central bank also freed commercial banks to lend more money in a package of moves aimed at rekindling growth in a stagnant economy.

China took steps to lower borrowing costs on as much as $5.3 trillion in mortgages for millions of families in its latest attempt to shore up the troubled property sector.

The People's Bank of China (PBOC) told commercial banks on Sunday to start lowering interest rates on all existing housing loans, in a sweeping move to help lighten the mortgage burden on households hit by a slowing economy.