9月份新取用按揭保险计划贷款宗数及金额为715宗及34.76亿港元，较8月份的584宗及27.75亿港元，宗 数及金额分别增加131宗(22.4%)及7.01亿港元(25.3%)，宗数及金额均创12个月新高；平均新取用按保贷 款金额为486万港元，月环比增加11万港元(2.3%)，创5个月新高；另外，新取用按保个案中，一手物业 占比为41%，二手物业占比为59%。 以首9个月比较，2025年首9个月新批出按保贷款宗数及金额为12490宗及623.37亿港元，比去年同期的 16604宗及866.41亿港元，下跌4114宗(24.8%)及243.04亿港元(28.1%)，宗数创近9年首9个月新低，金额 创近6年首9个月新低。今年首9个月新取用按保贷款宗数及金额为5411宗及267.47亿港元，比去年同期 的7851宗及404.21亿港元，减少2440宗(31.1%)及136.74亿港元(33.8%)，宗数创近9年首9个月新低，金额 创近6年首9个月新低。 根据经络按揭转介研究部及香港按揭证券有限公司最新资料显示，9月份香港新批出按揭保险计划贷款 宗数及金额为1276宗及64.1亿港元，较8月份的1350宗及68. ...

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]

Core Insights - In April, the number and amount of new mortgage insurance loans increased significantly, reaching 1,490 loans and HKD 71.28 billion, marking a 10% increase in volume and a 7.4% increase in value compared to March [1] - The number of new mortgage insurance loans utilized in April was 610, totaling HKD 33.78 billion, which represents an 18.4% increase in volume and a 30% increase in value from March, both reaching a 7-month high [1] - The first four months of 2023 saw a decline in new mortgage insurance loans, with 5,448 loans and HKD 274.87 billion, down 35.5% and 36.7% year-on-year, respectively, marking the lowest figures in nearly nine and six years [1] Group 1 - The number of new mortgage insurance loans in April was 1,490, an increase of 135 loans (10%) from March [1] - The total amount for new mortgage insurance loans in April was HKD 71.28 billion, an increase of HKD 4.89 billion (7.4%) from March [1] - The average new mortgage insurance loan amount in April was HKD 55,400, up HKD 490,000 (9.7%) from the previous month, reaching an 18-month high [1] Group 2 - The proportion of first-hand properties in new mortgage insurance cases was 54%, the highest in 10 months, while second-hand properties accounted for 46% [1] - The first four months of 2023 saw 2,169 new mortgage insurance loans utilized, down 17.3% year-on-year, totaling HKD 112.92 billion, a decrease of 18.4% [1] - The increase in April's mortgage insurance numbers is attributed to new developments, such as Park Seasons, with buyers opting for higher mortgage ratios [2]