Approved mortgage loans in June up 1.2% to $15.7b

Approvals for primary market transactions almost halved.

In a report, the Monetary Authority announced that mortgage loans approved in June increased 1.2% month-on-month to $15.7 billion.

Among the mortgage loans approved, those for financing primary market transactions decreased 45.9% to $1.8 billion and those financing secondary market transactions increased 21.7% to $11.4 billion. Mortgage loans for refinancing decreased 12.4% to $2.5 billion.

Mortgage loans drawn down in June dropped 11.3% to $12.8 billion.

New mortgage loans priced with reference to best lending rates decreased from 78.9% in May to 66.5% in June, with the majority priced within the range of 2% and 2.25%. Those priced with reference to HIBOR increased from 16.2% to 30.2%.

The outstanding value of mortgage loans increased by 0.5% to $896.9 billion.

The mortgage delinquency ratio remained unchanged at 0.02% and the rescheduled loan ratio remained unchanged at nearly 0%.