At the end of the US Fed's monetary policy meeting, the Fed announced a 0.25% interest rate cut, reducing the base rate from 4.5-4.75% to 4.25-4.5%, which is the third consecutive rate cut during the year, totaling a 1% rate cut.

HSBC and BOCHK followed to announce interest rate cuts on the same day, and the current prime rate (P) will be lowered by 0.125% to 5.25%, from 5.375%.

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Summarizing this year, the HKD prime rate of Hong Kong banks has been reduced for 3 times, with a total interest rate cut of 0.625%, Eric Tso, Chief Vice President of mReferral Mortgage Brokerage Services, said.

With the drop in interest rates, some banks will adopt a more positive attitude towards mortgage business, in tandem with the Hong Kong government's relaxation of a number of mortgage measures, which will have a positive effect on the mortgage market.