Tuesday, August 4, 2020
Martin Hennecke

HSBC raises mortgage rate again
The Hongkong and Shanghai Banking Corporation lifted its mortgage rate, for the second time within a month, by 15 basis points to 2.625 percent. It increased the best lending rate from prime minus 2.65 percent to prime minus 2.5 percent. The bank's prime rate stood at 5.125 percent. Eric Tso, senior vice president at mReferral Corporation, said HSBC made the adjustment based on the market risk and declining profit margin after some credit rating agencies downgraded Hong Kong's sovereign rating. Tso expects the mortgage rate in Hong Kong to keep an upward trend and hold at between 2.5 percent to 2.8 percent, even though not every bank will immediately follow suit. Some banks are still offering a mortgage rate of 2.375 percent and a cash rebate rate of 2.1 percent, Tso said.
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