Lianluo: MMI fell slightly to 4.16% in June, and is expected to remain high in the third quarter.

According to the latest data from the Mortgage Lending Channel (MLC) Research Department, the Mortgage Lending Index (MMI), which reflects the actual interest rate level that a typical new mortgage customer can obtain, was 4.16% in June, down 1 basis point from the previous month. The bank said that the Federal Reserve may start cutting interest rates in September, and then HIBOR may fall below 4% level, but the interest rate will continue to reach the upper limit, and it is expected that MMI will continue to be flat in the third quarter.

According to Cao Deming, chief executive officer of the Mortgage Lending Channel, in June, the proportion of new mortgage customers choosing the bank's floating interest rate (HIBOR) plan was as high as 95%, reflecting the preference of new customers for the HIBOR plan. The average monthly interest rate of banks (HIBOR) was 4.56% in June, which made the actual interest rate of HIBOR and MMI continue to reach the upper limit.

On August 20, the one-month HIBOR was 4.07%, more than 11 days at 4% level, and Cao Deming pointed out that the latest CPI fell 4 months in a row to 2.9% in July, the lowest since March 2021, close to the Federal Reserve's target of 2% inflation rate. With the European Central Bank, the Bank of Canada and the Reserve Bank of New Zealand successively cutting interest rates, the US employment growth has also slowed down, and with the US interest rates having been flat for more than 12 months since July last year, the Federal Reserve has a reason to start cutting interest rates in September, and then HIBOR may fall below 4% level, but the interest rate will continue to reach the upper limit, and it is expected that MMI will continue to be flat in the third quarter.