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Mortgage loans down 9.8%

Residential mortgage loans approved in July decreased 9.8% compared with June to $43 billion, the Monetary Authority announced today.


Mortgage loans financing primary market transactions decreased by 2% to $8.2 billion, while those financing secondary market transactions fell 12.3% to $29.7 billion.


Those for refinancing dropped by 6.3% to $5 billion.


Mortgage loans drawn down during the month rose 7.3% to $31.4 billion.


The number of mortgage applications in July decreased month-on-month by 4.2% to 13,246.


The outstanding value of mortgage loans increased month-on-month by 0.9% to $1.528 trillion at the end of July.

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