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Mortgage loans down 12.2%


Residential mortgage loans approved in August decreased 12.2% compared with July to $37.7 billion, the Monetary Authority announced today.

 

Mortgage loans financing primary market transactions dropped by 21.2% to $6.5 billion, while those financing secondary market transactions fell 11.8% to $26.2 billion.

 

Those for refinancing rose by 1% to $5.1 billion.

 

Mortgage loans drawn down during the month fell 3.5% to $30.3 billion.

 

The number of mortgage applications in August decreased month-on-month by 18.1% to 10,846.

 

The outstanding value of mortgage loans increased month-on-month by 0.9% to $1.544 trillion at the end of August.


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