Mortgage loans up 9.5% to $19b in October

Applications increased month-on-month by 46.5% to 7,289.

The value of residential loans approved in October reached $19b, a 9.5% increase from September, the Hong Kong Monetary Authority announced.

The number of mortgage applications increased month-on-month by 46.5% to 7,289.

Mortgage loans for primary market transactions decreased by 2.4% to $5.4b whilst loan financing for the secondary market increased by 14% to $11.4b. Loans for refinancing rose by 21.2% to $2.2b.  

During the month, mortgage loans drawn down declined by 26.9% compared with September’s $11.2b.

The outstanding value of mortgage loans remained virtually unchanged, standing at $1.8t.