Conventional finite control set model predictive control (FCS-MPC) for permanent magnet synchronous motor (PMSM) drives suffers from a fundamental trade-off: shortening the control period improves current tracking but increases switching frequency and losses. This paper proposes a hysteresis-based variable control period MPC (HBVCP-MPC) to break this compromise. Unlike methods like direct torque control (DTC) and model predictive direct torque control (MPDTC) that use hysteresis to select voltage vectors (VV), our approach first selects the optimal VV via a cost function that balances current tracking accuracy and switching frequency. Hysteresis on the $dq$-axis currents is then employed solely to dynamically determine the application time of this pre-selected VV, which defines the variable control period. This grants continuous adjustment over the VV duration, enabling superior current tracking without a proportional rise in switching frequency. Experimental results confirm that the proposed method achieves enhanced steady-state performance at a comparable switching frequency.