According to the latest data from the mReferral Mortgage Brokerage Research Department, the Mortgage Rate Index (MMI) for July 2026—which reflects the average actual mortgage interest rate available to new mortgage clients—came in at 3.17%, unchanged from the previous month.

Calvin Cho, Chief Vice President of mReferral Mortgage Brokerage, noted that in July, over 25% of clients opted for the 2.73% fixed-rate mortgage plans offered by major banks, keeping the MMI near its one-year low. Cho added that the U.S. Consumer Price Index (CPI) rose 3.4% year-on-year in July, marking a four-month low, while core CPI increased 2.5% year-on-year, both in line with market expectations. The moderation in inflation data reduces the immediate pressure for rate hikes, and it is anticipated that the Federal Reserve will hold rates steady at its next meeting.

On the Hong Kong front, the one-month HIBOR stood at 2.69% today, with expectations that it will fluctuate within the 2% to 3% range in the short term. The actual interest rate for new HIBOR-linked mortgages is likely to remain at 3.25%, and it will be difficult for rates to fall below the cap level in the near term. The 2.73% fixed-rate mortgage plans introduced by three major banks offer an interest rate that is 52 basis points lower than the 3.25% typical for new P-linked and HIBOR-linked mortgage plans, resulting in immediate interest savings. This has made them popular among new mortgage clients and refinancing customers, and it is expected that the proportion of fixed-rate mortgage take-up will continue to rise in August.

However, the application period for the fixed-rate plans at these three banks will end this month. Although one bank has extended the application deadline for primary market fixed-rate mortgages to September 30, the scope of eligibility for these fixed-rate plans has been narrowed. It is projected that the number of clients choosing these plans will decline, and the MMI is expected to rebound thereafter.