---
title: "Jingluo: In December 2024, the MMI reported 3.62%, falling for 7 consecutive months, hitting a new low in 17 months"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/225205346.md"
description: "The mortgage interest rate index (MMI) for December 2024 is 3.62%, down 16 points from the previous month, marking a decline for seven consecutive months and reaching a 17-month low. Due to Hong Kong banks lowering the prime rate, the MMI is expected to have further room for decline. The U.S. core CPI is below expectations, which may affect interest rate cut expectations. The one-month HIBOR in Hong Kong is reported at 3.92%, a near four-month low, and is expected to continue fluctuating in the range of 3.5% to 4%"
datetime: "2025-01-16T13:02:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/225205346.md)
  - [en](https://longbridge.com/en/news/225205346.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/225205346.md)
---

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# Jingluo: In December 2024, the MMI reported 3.62%, falling for 7 consecutive months, hitting a new low in 17 months

According to the latest data from the Mortgage Referral Research Department, the Mortgage Rate Index (MMI) for December 2024, which reflects the actual interest rate level that new mortgage customers can generally achieve, **is reported at 3.62%, a monthly drop of 16 basis points, marking a decline for seven consecutive months and reaching a 17-month low.**

Cao Deming, Chief Vice President of Mortgage Referral, stated that the high one-month Hong Kong Interbank Offered Rate (HIBOR) last year kept the actual interest rates for H mortgages at peak levels. However, in November last year, Hong Kong banks lowered the prime rate (P) by 1/4 basis point, leading to a monthly decline in the MMI for December. In December, Hong Kong banks lowered the prime rate for the third time by 1/8 basis point, and the new mortgage interest rates have further dropped to around 3.5%. **It is expected that the MMI still has room for decline.**

Cao Deming further pointed out that the core Consumer Price Index (CPI) in the United States reported 3.2% in December last year, lower than market expectations, which boosted expectations for interest rate cuts. However, the overall CPI reported 2.9%, a monthly increase of 0.2%, rising for three consecutive months. Coupled with strong employment data in the U.S., the latest unemployment rate reported at 4.1%, a monthly drop of 0.1%, it is believed that the Federal Reserve will assess inflation trends and the overall economic environment to determine the pace of interest rate cuts this year.

In Hong Kong, today the one-month HIBOR reported at 3.92%, declining for seven consecutive working days, reaching a near four-month low since September 23 of last year (3.74%). Cao Deming expects the one-month HIBOR in the first quarter to continue hovering between 3.5% and 4%. If the U.S. cuts interest rates within the year, Hong Kong banks will also adjust their interest rates based on their own business strategies, and a follow-up reduction in the prime rate (P) cannot be ruled out

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