In November 2024, the Mortgage Rate Index (MMI) is reported at 3.78%, a decrease of 12 basis points month-on-month, marking a continuous decline for six months and reaching a new low in 14 months.
According to Zhiyu Finance APP, the Chief Vice President of Mortgage Referral, Cao Deming, stated that the latest November Consumer Price Index (CPI) in the USA is reported at 2.7%. Although it has slightly risen by 0.1% month-on-month, the core CPI remains at 3.3%, still in line with expectations. Additionally, the unemployment rate in the USA has risen to 4.2%, higher than the market expectation of 4.1%. It is expected that the Federal Reserve will still have conditions to reduce interest rates by 0.25% again this week, summing up to a total reduction of 1% for the year. In Hong Kong, Banks will also adjust their prime rates based on the economic environment and their own business strategy and do not rule out following the USA's fine-tuning of the prime rate. It is expected that the MMI still has downward space, which will have a positive effect on the mortgage market.
According to the latest data from the Mortgage Referral Research Department, the Mortgage Rate Index (MMI) in November 2024, which reflects the actual mortgage interest rate level generally achievable by new mortgage customers, is reported at 3.78%, a decrease of 12 basis points month-on-month, marking a continuous decline for six months and reaching a new low in 14 months. Cao Deming further indicated that the average one-month HIBOR reported by banks in November is 4.14%, causing the actual interest rate to continue to reach the ceiling. However, in November, Hong Kong Banks again lowered the prime rate by 0.25%, leading to a continuous decline of the MMI in November, creating a new low in over a year.
Comment(0)
Reason For Report