Group 1 - In January 2026, the number and amount of newly approved mortgage insurance loans increased to 1,100 cases and HKD 5.94 billion, representing a rise of 60 cases (5.8%) and HKD 387 million (7%) compared to December 2025, marking a rebound after five consecutive months of decline [1] - The number and amount of new mortgage insurance loans utilized in January 2026 were 460 cases and HKD 2.356 billion, showing a decrease of 44 cases (8.7%) and HKD 180 million (7.1%) from December 2025, reaching a new low in over seven years for cases and over one year for amount [1] - The average amount of new mortgage insurance loans utilized was HKD 5.12 million, which increased by HKD 90,000 (1.8%) month-on-month, reaching a nine-month high [1] Group 2 - In January 2026, the number and amount of newly approved mortgage insurance loans decreased by 181 cases (14.1%) and HKD 726 million (10.9%) compared to January 2025, marking the lowest figures for the first month in nearly a decade and seven years respectively [2] - The number and amount of new mortgage insurance loans utilized in January 2026 fell by 57 cases (11%) and HKD 232 million (9%) compared to January 2025, also reaching new lows for the first month in nearly a decade and seven years [2] - The Chief Vice President of the mortgage referral company indicated that the uniform cap of 70% for mortgage loans provided by banks for all residential properties has led to a decline in demand for mortgage insurance, as buyers can secure up to 70% without needing insurance [2]

Core Viewpoint - The mortgage insurance market in Hong Kong is experiencing a significant decline in both the number of new applications and the total amount, reaching levels not seen in over seven years, primarily due to relaxed mortgage policies and changing buyer demographics [1][2]. Group 1: Mortgage Insurance Application Trends - In January 2026, the number of new mortgage insurance applications decreased by 8.7% month-on-month to 460, marking a new low since November 2018 [1] - The total amount of new mortgage insurance also fell by 7.1% to HKD 2.36 billion [1] - Although new mortgage insurance approvals increased by 5.8% month-on-month to 1,100, they remain at a seven-year low, with the total amount rising by 7% to HKD 5.94 billion, which is still at a six-and-a-half-year low [1] Group 2: Year-on-Year Comparisons - Compared to January 2025, the number of new mortgage insurance applications in January 2026 decreased by 11%, and the total amount decreased by 9% [1] - New mortgage insurance approvals and amounts also saw year-on-year declines of 14.1% and 10.9%, respectively [1] Group 3: Market Dynamics - The decline in mortgage insurance applications is attributed to the comprehensive relaxation of mortgage ratios, reducing the demand for high-ratio mortgage insurance among homebuyers [1] - An increase in the proportion of investors entering the market, who typically do not require mortgage insurance, has further contributed to the low levels of mortgage insurance applications [1][2] - The usage ratio of mortgage insurance has dropped to 12.1% as of December 2025, down from over 30% prior to the policy relaxation, marking the lowest level since November 2019 [2]

Core Insights - The mortgage insurance market in Hong Kong is experiencing a significant decline in both the number of new applications and the total amount insured, attributed to a decrease in demand for high loan-to-value (LTV) mortgage insurance as LTV ratios have been relaxed [1][2] Group 1: Mortgage Insurance Trends - In November 2025, the number of new mortgage insurance applications fell by 10.1% month-on-month to 560, with the total amount decreasing by 9.9% to HKD 2.8 billion [1] - The number of new mortgage insurance applications for the same period dropped by 8.6% month-on-month to 1,068, marking the lowest level in over seven years, with the total amount down 6.7% to HKD 5.6 billion [1] - The overall mortgage insurance usage ratio has decreased from over 30% before the policy relaxation to an average of about 15% this year [1] Group 2: Market Dynamics - The overall property market showed improved transaction activity in the fourth quarter, but the usage of mortgage insurance remains low [1] - The increase in the proportion of investment buyers, who typically do not require high LTV mortgage insurance, has contributed to the low penetration rate of mortgage insurance in the overall mortgage market [1] - For the first 11 months of 2025, new mortgage insurance applications totaled 6,594, a decline of 25.2% compared to the same period in 2024, with the total amount insured at HKD 32.7 billion, down 27.7% year-on-year [2]

Core Insights - The number and amount of new mortgage insurance loans in Hong Kong have decreased significantly in November, marking a continuous decline for four months, with the number reaching a nearly seven-year low and the amount hitting a six-year low [1][2] Group 1: November Mortgage Insurance Data - In November, the number of new mortgage insurance loans was 1,068, amounting to 5.629 billion HKD, representing a month-on-month decrease of 100 loans (8.6%) and 4.02 billion HKD (6.7%) [1] - The number of new mortgage insurance loans utilized was 560, totaling 2.799 billion HKD, with a month-on-month decrease of 63 loans (10.1%) and 3.07 billion HKD (9.9%) [1] - The average amount of new mortgage insurance loans utilized was 5 million HKD, which is an increase of 10,000 HKD (0.3%) month-on-month, marking a seven-month high [1] Group 2: Year-to-Date Mortgage Insurance Trends - For the first eleven months, the number of new mortgage insurance loans was 14,726, totaling 73.997 billion HKD, reflecting a year-on-year decline of 4,619 loans (23.9%) and 27.051 billion HKD (26.8%) [1] - The number of new mortgage insurance loans utilized in the first eleven months was 6,594, amounting to 32.653 billion HKD, with a year-on-year decrease of 2,217 loans (25.2%) and 12.517 billion HKD (27.7%) [1] Group 3: Market Commentary - The Chief Vice President of the mortgage referral company indicated that the lack of large new property buyers and the government's previous easing of mortgage requirements have significantly reduced the demand for mortgage insurance, suggesting that the numbers will likely remain low [2]

Core Insights - The number and amount of new mortgage insurance loans in Hong Kong for October decreased, marking a continuous decline for three months, with the number reaching a 13-month low and the amount hitting a six-year low since the introduction of the "Carrie Lam plan" in October 2019 [1] Group 1: Mortgage Insurance Loan Statistics - In October, the number of new mortgage insurance loans was 1,168, amounting to HKD 6.031 billion, representing a decrease of 108 loans (8.5%) and HKD 0.379 billion (5.9%) from the previous month [1] - The number of new mortgage insurance loans utilized was 623, totaling HKD 3.106 billion, with a decrease of 92 loans (12.9%) and HKD 0.370 billion (10.6%) month-on-month [1] - The average amount of new mortgage insurance loans utilized was HKD 4.99 million, which increased by HKD 0.12 million (2.6%) month-on-month, reaching a six-month high [1] Group 2: Year-to-Date Performance - For the first ten months, the number of new mortgage insurance loans was 13,658, totaling HKD 68.368 billion, showing a year-on-year decline of 4,332 loans (24.1%) and HKD 25.639 billion (27.3%), both reaching their lowest levels in nearly nine and six years, respectively [1] - The number of new mortgage insurance loans utilized in the first ten months was 6,034, amounting to HKD 29.853 billion, with a year-on-year decrease of 2,301 loans (27.6%) and HKD 12.983 billion (30.3%), also marking the lowest levels in nearly nine and six years [1] Group 3: Market Commentary - The Chief Vice President of the mortgage referral company indicated that the lack of large new property buyers in October, combined with the government's previous easing of mortgage limits, has led to a temporary lack of upward pressure on mortgage insurance demand, suggesting that the numbers will continue to fluctuate within a narrow range [2]

Core Insights - In September, the number of new mortgage insurance applications in Hong Kong increased by over 20% month-on-month, supported by demand from buyers of large new developments [1] - The Hong Kong government has relaxed mortgage limits, allowing buyers to apply for up to 70% mortgages without needing mortgage insurance, which has not yet significantly increased demand for mortgage insurance [1] - The total number of new mortgage insurance loans approved in September was 1,276, amounting to HKD 64.1 billion, representing a decrease of 5.5% in number and 6.3% in amount compared to August [1] Monthly Comparison - In September, the number of new mortgage insurance loans was 715, with a total amount of HKD 34.76 billion, marking increases of 22.4% in number and 25.3% in amount from August, reaching a 12-month high [1] - The average new mortgage insurance loan amount was HKD 4.86 million, up by HKD 110,000 (2.3%) month-on-month, also a 5-month high [1] - In the new mortgage insurance cases, first-hand properties accounted for 41%, while second-hand properties made up 59% [1] Year-to-Date Comparison - For the first nine months of 2025, the number of new mortgage insurance loans was 12,490, totaling HKD 623.37 billion, down 24.8% in number and 28.1% in amount compared to the same period last year, marking the lowest figures in nearly nine years for the number and six years for the amount [2] - The number of new mortgage insurance loans taken out in the first nine months was 5,411, with a total amount of HKD 267.47 billion, reflecting a decrease of 31.1% in number and 33.8% in amount from the previous year, also the lowest in nearly nine years for the number and six years for the amount [2]

Group 1 - In July, the number and amount of new mortgage insurance plan loans in Hong Kong reached 1,532 cases and HKD 7.523 billion, representing increases of 7.7% and 9.2% respectively compared to June, with the number of cases hitting a 12-month high and the amount a 11-month high [1] - The number and amount of new mortgage insurance plan loans utilized in July were 629 cases and HKD 3.039 billion, showing decreases of 10.4% and 7% respectively from June, while the average loan amount increased by HKD 170,000 or 3.8%, marking a 3-month high [1] - For the first seven months of 2025, the number and amount of new mortgage insurance loans were 9,864 cases and HKD 49.085 billion, down 29.2% and 32.5% year-on-year, with both figures reaching their lowest levels in nearly nine and six years respectively [1] Group 2 - The Chief Vice President of the mortgage referral company indicated that the property market is stabilizing, but developers are primarily selling new properties and leftover stock at lower prices, which has affected the mortgage ratios and borrowing amounts for buyers [2] - Due to the Hong Kong government's relaxation of mortgage ratios last year, buyers can apply for up to 70% mortgages without needing insurance, leading to a decrease in demand for mortgage insurance, and it is expected that the numbers will continue to fluctuate slightly in the second half of the year [2]

Group 1 - The Hong Kong government has relaxed the mortgage loan-to-value ratio for new properties, leading to over 50% of buyers opting for immediate payment methods in new launches, with some projects seeing up to 90% using this method [1] - The total number of new mortgage applications for new properties is expected to reach approximately 6,500 this year, a significant increase of about 56% compared to last year's 4,186, potentially hitting a five-year high [1] - The existing property mortgage market is projected to see a slight increase to around 55,500 applications this year, up about 10% from last year's 50,500 [1] Group 2 - If interest rates decrease in the second half of the year, along with a slight recovery in property prices, banks are expected to maintain a positive stance on residential mortgage business, with an estimated 45,000 new residential mortgage applications this year, reflecting a nearly 15% increase from last year's 39,327 [2] - The number of mortgage refinancing applications is anticipated to decline slightly to around 7,100 this year, down about 5% from last year's 7,451, due to cautious bank valuations and limited incentives for homeowners to refinance [2] - The demand for mortgage insurance is expected to decrease significantly, with new mortgage insurance applications projected at around 6,500, a reduction of approximately 30% from last year's 9,337 [3] Group 3 - The increase in applications for 70% mortgages without insurance has risen to 31% of total applications in the first half of the year, compared to 15% in the same period last year, indicating a significant shift in borrowing behavior [3] - The outlook for the Hong Kong property market remains cautiously optimistic, dependent on external and local economic factors, with potential risks from the global economic environment [3]

Group 1 - The Mortgage Market Index (MMI) for May reported a significant drop to 2.8%, a decrease of 74 basis points, marking a 31-month low [1] - Over 95% of new mortgage clients opted for the H mortgage plan in May, influenced by the Hong Kong Monetary Authority's market interventions, which increased the banking system's surplus to HKD 174 billion [1] - The average one-month HIBOR fell sharply to 1.47% in May from 3.65% in April, contributing to the decline in MMI and easing the mortgage burden for property buyers in Hong Kong [1] Group 2 - The latest U.S. Consumer Price Index (CPI) for May was reported at 2.4%, slightly up from 2.3% in April, while the unemployment rate remained stable at 4.2% [2] - The impact of tariffs on inflation is still under observation, leading to expectations that the Federal Reserve will maintain its current interest rates for the time being [2] - There is a belief that if inflation remains manageable, there may be one opportunity for a rate cut in the second half of the year [2]

Group 1 - In May, the number of new mortgage insurance plan loans in Hong Kong was 1,462, amounting to HKD 7.185 billion, a decrease of 28 loans (1.9%) from April, while the amount increased by HKD 0.57 billion (0.8%) [1] - The number of new mortgage insurance plan loans utilized in May was 612, totaling HKD 2.896 billion, an increase of 2 loans (0.3%) from April, but the amount decreased by HKD 4.82 billion (14.3%) [1] - The average new mortgage insurance loan amount was HKD 4.73 million, a significant decrease of HKD 810,000 (14.5%), marking a 65-month low [1] Group 2 - For the first five months of 2025, the number of new mortgage insurance loans was 6,910, amounting to HKD 34.671 billion, down 3,737 loans (35.1%) and HKD 20.359 billion (37%) compared to the same period last year, marking the lowest figures in nearly nine and six years respectively [1] - The number of new mortgage insurance loans utilized in the first five months of 2025 was 2,781, with a total of HKD 14.188 billion, also the lowest in nearly nine and six years respectively [1] Group 3 - The Chief Vice President of the mortgage referral company indicated that while lower interest rates benefit the Hong Kong property market, property prices are significantly lower than historical highs, leading to a decrease in buyers' mortgage ratios and loan amounts [2] - The relaxation of mortgage limits by the Hong Kong government last year allows buyers to apply for up to 70% mortgages without needing mortgage insurance, resulting in reduced demand for mortgage insurance [2] - Future growth in mortgage insurance numbers is expected to be limited due to the current market conditions and buyer behavior [2]