智通财经APP获悉，中原按揭董事总经理王美凤表示，根据香港按揭证券公司最新公布的数据，2025年 11月新取用按揭保险宗数环比下降10.1%至560宗，金额亦下降9.9%至28亿元(港元，下同)。 整体楼市在第四季交投向好，但按揭保险使用比例持续处于低水平。王美凤分析，基于楼按政策已全面 放宽至七成按揭，买家以低至三成首期置业已无需透过按保，大大降低对高成数按揭保险的依赖。数据 显示，按保使用比例已由放宽前逾30%的高位，回落至今年平均约15%的水平。此外，随着投资移民门 槛放宽及租金回报上升，投资客及长线收租客入市比例回升，由于投资性质物业不适用于高成数按保， 这亦促使按保在整体按揭市场的渗透率维持在低位。 数据显示，综合2025年首11个月计，新取用按揭保险宗数录得6594宗，较2024年同期下跌25.2%;新取用 按保金额为327亿元，同比下降27.7%。至于新批按揭保险宗数为14726宗，较去年同期减少23.9%;涉及 金额740亿元，同比下降26.8%。 同期新批按揭保险宗数环比下跌8.6%至1068宗，宗数回落至自2018年12月后的逾七年(86个月)低位，金 额下跌6.7%至56亿元，同样跌至超 ...

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]

Core Insights - The Hong Kong property market showed strong trading activity in March, leading to an increase in new mortgage approvals in April, reaching an 11-month high [1] - Major developers are launching properties at lower prices, attracting first-time buyers and investors, which is contributing to a favorable sales environment [1] - The overall market sentiment is expected to remain stable, with a gradual increase in residential mortgage numbers anticipated [1] Mortgage Statistics - In April 2025, the number of new mortgage applications was 7,795, a decrease of 661 applications (7.8%) from March's 8,456 [1] - The total amount of new mortgages approved in April was HKD 25.258 billion, an increase of HKD 5.86 billion (2.4%) from March's HKD 24.672 billion [1] - The number of new mortgages approved in April was 5,719, up by 358 (6.7%) from March's 5,361, marking the highest number in 11 months [1] Year-to-Date Performance - For the first four months of the year, new mortgage approvals totaled HKD 100.975 billion and 21,337 applications, representing an increase of HKD 13.849 billion (15.9%) and 1,632 applications (8.3%) compared to the same period last year [2] - The amount and number of new mortgage drawdowns for the same period were HKD 66.209 billion and 13,921 applications, reflecting increases of HKD 13.914 billion (26.6%) and 2,585 applications (22.8%) year-on-year [2] Refinancing Trends - In April, the amount and number of refinancing loans were HKD 2.266 billion and 576 applications, showing a decrease of HKD 698 million (23.5%) and 77 applications (11.8%) from the previous month, reaching a six-month low [2] - Year-to-date refinancing figures indicate a total of HKD 11.088 billion and 2,539 applications, down HKD 1.164 billion (9.5%) and 234 applications (8.4%) compared to the same period last year, marking a 13-year low for the first four months [2] Mortgage Ratios and Terms - The mortgage-to-value ratio in April was 62.5%, a decrease of 0.8% from the previous month [2] - The average repayment term was 319 months, down by one month, while the average mortgage amount was HKD 4.42 million, a decrease of HKD 180,000, reaching a 13-month low [2] - The selection ratio for H mortgages was 91.8%, an increase of 1.4%, while the selection ratio for P mortgages was 2.3%, a decrease of 0.9% [2]

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]