HONG KONG: Hong Kong’s biggest banks are increasingly locking mortgage rates to lure customers from upstart rivals in the world’s least affordable housing market, where borrowing costs are soon expected to rise.
HSBC Holdings Plc and BOC Hong Kong (Holdings) Ltd are offering fixed rates of 1.68% for the first year of a new mortgage, lower than the 2.15% rate that currently prevails in the industry, according to data from Centaline Mortgage Broker Ltd. Fixed-rate loans have surged as a share of new mortgages and Centaline predicts this will rise further as inquiries at the brokerage jumped 44% in January from the previous month.
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