Approved mortgage loans down 4.8% to $40.6b in June

However, the number of applications continued to rise to 14,579.

The volume of mortgage loans approved failed to maintain its positive momentum after falling 4.8% MoM to $40.6b in June despite an increase in mortgage applications, the government said in a media release. 

The number of mortgage applications hit 14,579 in June as residents continue to seek funding help for their home aspirations after property prices rose for the 27th consecutive month in June.

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Mortgage loans financing primary market transactions dropped 11.9% to $5.6b whilst those for secondary market transactions inched down 0.5% to $24.1b.

Similarly, those for refinancing decreased 9.6% to $10.9b.

The outstanding value of mortgage loans rose 0.9% MoM to $1.2578t.