According to the latest data from the Meridian Mortgage Referral Research Department, the Meridian Mortgage Interest Rate Index (MMI) for September this year, which reflects the actual interest level that new mortgage customers can generally achieve, has just dropped by 0.01% to 4.13% per month, marking a continuous decline for four months and reaching a new nine-month low.

Chief Vice President of Meridian Mortgage Referral, Cao Deming, stated that in September, as many as 95% of new Meridian Mortgage customers opted for Plan H, reflecting a preference among new customers for Plan H. Furthermore, the average one-month Hong Kong Interbank Offered Rate (HIBOR) for September was reported at 3.89%, leading the actual interest rate for Plan H and the MMI to continuously touch the ceiling.

Cao Deming continued to mention that last month, the most favorable interest rate (P) in local banks was lowered by 1/4 point, and the ceiling rate for Plan H was immediately reduced by 1/4 point. This adjustment has brought down the current actual interest rate for new Plan H to 3.875%, with expectations that the MMI will gradually fall below 4% by the end of the year.

On the other hand, the latest Consumer Price Index (CPI) in the United States for September has dropped for six consecutive months to 2.4%, nearing the Federal Reserve's target of 2% inflation reduction. Market expectations predict a 1/4-point interest rate cut by the United States in both November and December. In Hong Kong, today (22nd) the one-month HIBOR is reported at 4.29%, maintaining above 4% for over a month. Cao Deming mentioned that if the U.S. cuts interest rates again by a total of half a point before the end of the year, the HIBOR is expected to follow suit, dropping to a level of 3%, and it is not ruled out that local banks in Hong Kong may further reduce the most favorable interest rate (P) before the year end.