Mortgage applications slipped 7.9% in June

Despite a jump in approved loans, mortgage loans drawn down also rose 23.8%.

The number of mortgage applications in June dipped 7.9% MoM to 13,829, according to figures from the Hong Kong Monetary Authority (HKMA). Further, mortgage loans approved rose 16.3% MoM to $47.6b.

Amongst these, mortgage loans financing primary market transactions jumped 28.6% to $8.4b over the same period, whilst those financing secondary market transactions spiked 19% to $33.9b. Mortgage loans for refinancing slipped 10% to $5.3b.

Mortgage loans drawn down during June surged 23.8% MoM to $29.3b.

In addition, the ratio of new mortgage loans priced with reference to Hong Kong Inter-bank Offered Rate (HIBOR) inched up 91% in May to 92.2% in June. The ratio of new mortgage loans priced with reference to best lending rates fell from 5.7% in May to 4.7% in June.

The outstanding value of mortgage loans rose 0.9% MoM in June to $1.51t. Meanwhile, the mortgage delinquency ratio remained unchanged at 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%. 

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