According to the latest data from the Mortgage Referral Research Department, the Mortgage Rate Index (MMI) for January 2025, which reflects the actual interest rate level that new mortgage customers can generally achieve, is reported at 3.52%, a decrease of 10 basis points month-on-month, marking the eighth consecutive month of decline and reaching a 20-month low. Cao Deming, Chief Vice President of Mortgage Referral, stated that the current interest rates for H mortgages and P mortgages at major banks have dropped to as low as 3.5%, causing the MMI to gradually fall to a new 20-month low. Cao Deming further pointed out that the Consumer Price Index (CPI) in the United States for January reported at 3%, rising for four consecutive months and returning to the mid-year level of last year, while the core CPI reported at 3.3%, also higher than expected. The latest tariffs and immigration policies from the U.S. President bring uncertainty to the inflation trend, and it is believed that the Federal Reserve will examine the inflation trend and overall economic environment to decide on this year's interest rate cuts, but it is expected that the Federal Reserve will remain steady in this month's interest rate meeting. In Hong Kong, the 1-month HIBOR today is reported at 3.87%. Cao Deming expects the 1-month HIBOR to continue hovering between 3.5% and 4%. If the Federal Reserve remains steady in the April interest rate meeting, it is expected that Hong Kong banks will also maintain the prime rate (P) unchanged. In February, some major banks are launching fixed-rate mortgage plans for the first 3 years and 5 years, with the 3-year fixed interest rate at 3.18% and the 5-year fixed interest rate at 3.03%, which is believed to attract some customers, and the MMI is expected to still have room for adjustment.