Meridian: MMI hit an 11-month low of 3.17% in June

The Zhitong Finance App learned that according to the latest data from the mReferral (meridian) mortgage recommendation research department, the mReferral Mortgage Interest Rate Index (MMI) for June 2026 reflects the actual interest rate usually available to new loan customers. Currently, it is 3.17%, down 2 basis points from month to month, falling for 2 consecutive months, hitting a new low for 11 months. Cao Deming, chief vice president of Mremlon Mortgage Recommendation Company, said that in June, the proportion of customers who chose the 2.73% fixed-rate mortgage plan from major banks rose to more than 20%, leading to a decline in MMI in that month.

Cao Deming also pointed out that the US consumer price index rose 3.5% year on year in June, and the core CPI rose 2.6% year on year, all lower than market expectations. He expects the Federal Reserve's policy meeting this week to remain the same. In Hong Kong, today's one-month HIBOR interest rate is 2.72%. Short-term interest rates are expected to continue to fluctuate between 2% and 3%. The actual interest rate for new HIBOR mortgages will generally remain at 3.25%, making it difficult for prices to break through the upper limit in the short term. However, the two major banks currently offer 2.73% fixed-rate mortgage plans. The interest rate is 52 basis points lower than the 3.25% of the new P-type mortgages and HIBOR mortgage plans, thereby immediately saving interest expenses and attracting non-fixed income individuals, long-term investors, and refinanciers. Currently, all three banks have extended the application deadline for fixed-rate mortgage programs until August 31 this year. It is expected that the number of customers choosing fixed-rate mortgage programs will continue to increase, and their adoption rate may approach 30%, which will drive MMI to continue to decline.