Seven lenders in Hong Kong have lowered their mortgage rates following Bank of East Asia’s decision to lower theirs last week.

The seven banks are Hongkong and Shanghai Banking Corporation (HSBC), Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), Industrial and Commercial Bank of China (Asia), OCBC Wing Hang Bank, Wing Lung Bank and Nanyang Commercial Bank.

The banks now offer a rate that is 1.6 percent above the Hong Kong Interbank Offering Rate, with a minimum loan of HK$2 million (US$260 million) in general.

The interest rate has fallen even lower than the bottom reached in 2011 of HIBOR +1.7 percent.