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Mortgage loans up 7.9%

Residential mortgage loans approved in April increased 7.9% compared with the previous month to $40.2 billion, the Monetary Authority announced today.


Mortgage loans financing primary market transactions increased 5.9% to $8.4 billion while those financing secondary market transactions climbed 12.8% to $21.2 billion.


Those for refinancing went up 0.6% to $10.6 billion.


Mortgage loans drawn down during the month increased 6.5% to $21.3 billion.


The number of mortgage applications in April dropped 4.3% month-on-month to 15,026.


The outstanding value of mortgage loans increased 0.4% month-on-month to $1.337 trillion at the end of April.

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