The number of mortgage applications decreased 38% to 9,090.
Mortgage loans approved in July dropped 23.5% month-on-month to $33.7 billion, the Monetary Authority said.
Mortgage loans financing primary market transactions decreased 26.3% to $7.5 billion, while those financing secondary market transactions dropped 26.1% to $14.4 billion. Those for refinancing dropped 18% to $11.8 billion.
Mortgage loans drawn down during the month increased 1.2% to $32.4 billion.
The outstanding value of mortgage loans rose 1% month-on-month to $1.172 trillion at the end of July.
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