IT will take more than another 50 basis-point rise in mortgage rates in Hong Kong to further rock the territory's housing market, say analysts. Should lending rates in Hong Kong increase half a percentage point tomorrow, as is widely expected, standard mortgage rates would be 9.5 per cent - prime plus 1.75 per cent. Standard lending charges on larger loans for luxury homes would be higher, at 10 per cent, representing prime plus 2.25 per cent at some big banks. ''This is not going to have much psychological effect on the physical property market,'' said Adrian Au, a property analyst with Seapower Securities. ''This is partly because people have been already expecting interest rates to increase and partly because there are other more important factors influencing the residential property market at the moment,'' said Mr Au, referring to the banks' prudent mortgage lending policies and government measures to stabilise prices announced in June. The two factors have coupled to trim 15 to 20 per cent off average home prices since March and knock down activity by about 50 per cent. Rising rates have not helped but, while negative real interest rates still remain in Hong Kong, analysts say the attractiveness of putting money in real estate will continue. ''We need to have another 200 to 300 basis-point rise before making any significant impression in the hearts of home-buyers,'' said Mr Au. This feeling was echoed by most analysts. Finding a large lump sum for the necessary 30 to 40 per cent down-payment to take out a home loan was seen as more difficult than making the monthly repayments. Sylvia Wong, Morgan Grenfell's property analyst, said a token 50 basis-point rise would damage sentiments more than borrowers' ability to make mortgage repayments. ''Then again, the Hong Kong residential market is more underpinned by sentiment than anything else,'' she said. Peter Churchouse, managing director of Morgan Stanley Asia, thought the commercial property market would be more greatly affected. Given higher interest rates, investors would be looking for higher yields, he said. Many investors now seem content with yields of three to five per cent. But with interest rates rising, Mr Churchouse thought investors would be looking for yields closer to seven per cent. ''This could put commercial prices under pressure,'' he said.