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Approved mortgage loans dropped 2.4% to $27.6b
Whilst the number of applications slipped 0.1%.
Mortgage loans approved in February dropped 2.4% month-on-month to $27.6 billion, the Monetary Authority announced. Mortgage loans financing primary market transactions increased 0.8% to $6.9 billion, while those financing secondary market transactions dropped 3.5% to $13 billion.
Those for refinancing dropped 3.4% to $7.7 billion.
Mortgage loans drawn down during the month decreased 16% to $21.1 billion. The number of mortgage applications decreased 0.1% to 9,904.
The outstanding value of mortgage loans rose 0.4% month-on-month to $1.1309 trillion at the end of February.
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