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mReferral: HSBC Unchanged Best Lending Rate Relatively Positive for Home Mortgage Mkt; US Expected to Start 1st Rate Cut in 2H24 at Earliest
The US Fed announced that the base rate would be kept unchanged at 5.25-5.5% for the 5th consecutive time, in line with the market's expectation, while the Fed's latest bit...
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mReferral: HSBC Unchanged Best Lending Rate Relatively Positive for Home Mortgage Mkt; US Expected to Start 1st Rate Cut in 2H24 at Earliest
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The US Fed announced that the base rate would be kept unchanged at 5.25-5.5% for the 5th consecutive time, in line with the market's expectation, while the Fed's latest bitmap still maintained its forecast of a cumulative 3 rate cuts for 2024.

For Hong Kong, HSBC announced on the same day that the best lending rate (P) would remain unchanged at the current level of 5.875%.

Related NewsRatings & TPs on HSBC HOLDINGS (00005.HK) (Table)
As to when the US Fed will start to cut interest rates, Eric Tso, the Senior Vice President of mReferral Mortgage Brokerage Services, said that the overall inflation in the US is still showing a downtrend.

It is believed that the US Fed will start its first rate cut as early as 2H24, if the situation is manageable, depending on the inflation and labor market trends in the coming months, Tso added. The HIBOR is likely to follow the downtrend first and rebound to the 4% level.

The peaking-out interest rates and expected rate cuts in 2H24, coupled with Hong Kong government's complete withdrawal of the spicy measures and the relaxation of mortgage measures, are relatively positive for the recovering home mortgage market.

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