中原按揭：H按实际息跌至2.26% 推动转租为买及买楼收租

Core Viewpoint - The recent decline in Hong Kong's interbank lending rates, particularly the 1-month HIBOR dropping to 0.96%, is significantly easing the mortgage burden for homeowners, with actual mortgage rates falling to a new low of 2.26% since July 2022, which is below the average rental yield of 3.5% [1][2] Group 1: Mortgage Market Impact - The drop in mortgage rates has led to a reduction in monthly payments by approximately HKD 3,341, representing a 14.9% decrease for an average mortgage of HKD 5 million [1] - The current mortgage rates being lower than rental yields has resulted in a situation where homeowners are paying less than they would for renting, with the average payment being 8% lower than rental costs [1] Group 2: Market Dynamics - The significant drop in the 1-month HIBOR from 3.98% at the beginning of May to 0.96% today indicates a large fluctuation in short-term interest rates, with a 3% decrease [2] - The widening spread between Hong Kong and US interest rates, now exceeding 3%, is unusual and may lead to adjustments in the HIBOR based on changes in demand for Hong Kong dollars [2] - The influx of funds into Hong Kong is expected to be utilized for various activities, including financial investments and corporate dividends, which may eventually normalize the banking system's surplus and lead to a gradual increase in HIBOR rates [2]