Mortgages / HIBOR rates

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  1. #1

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    Mortgages / HIBOR rates

    I currently have a mortgage with the rate of the monthly HIBOR plus 0.5% or P-3%. Recently the monthly HIBOR has been very low so I have been paying an interest rate of around 1.5%. I remember when I got the mortgage I had the option of choosing a HIBOR rate for different periods - 3,6 or 12 months I think. My question - how can I find the HIBOR rates for those periods, and do posters here think it would be a good idea to switch to a longer period - first time the fee is waived, the second time pay 0.2% of mortgage balance of HK$2000 whichever is higher.

    Thanks for any insight.


  2. #2

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    Found the answer for the first question myself.

    Hang Seng HIBOR rate . I presume it's the same or very similar for all banks?

    Any insight on whether it's a good idea to switch to a longer period appreciated. With Hang Seng, currently 12 months is 1.8% so maybe not such a good deal - while one month is only 0.2%.


  3. #3

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    Quote Originally Posted by drumbrake:
    Hang Seng HIBOR rate . I presume it's the same or very similar for all banks?
    HIBOR is a market rate and therefore the same for all banks. See this thread for some additional color.

  4. #4

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  5. #5

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    Thanks to both.

    So has anyone got a HIBOR based mortgage using a rate longer than one month?


  6. #6

    at this time, stick with your current condition which is the best deal in town. for jan payment, the HIBOT +0.5% should be around 0.8% only. and in case the HIBOR 1 month goes wild, which is not likely the case, your P-3% will still give you a cap of 2-2.25% rate which is already very good. So don't change right now and keep your flexibility to change later when in real need.


  7. #7

    hk hibor rates

    does anyone know where I could find the average of the one month hibor rate for the last ten years?


  8. #8

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    The month end figures for each month for the last 10 years are here: http://www.info.gov.hk/hkma/eng/stat...ch/T070301.xls
    The average of those 120 month end figures is 3.23%, but the number is really quite volatile in the range 0.09 to 6.73%.