Borrowers of the HSBC new fixed mortgage plan will save HK$2,093 (US$268) per month, 9 per cent below Hibor-linked mortgages
Hong Kong’s largest bank has rolled out a fixed-rate mortgage plan, charging lower interest for home loan borrowers ahead of the first relaxation in monetary policy this year, expected in mid-September.
The cheaper rate came after the Federal Reserve’s chairman, Jerome Powell, sent dovish signals about a possible cut in interest rates during the US central bank’s annual retreat at Jackson Hole over the weekend. The capital markets are now betting on an 87.2 per cent probability of a cut when the Fed meets on September 18, according to the futures contracts traded on the Chicago Mercantile Exchange.
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