Photo from Manson Yim on Unsplash

Mortgage loans value drop 15% MoM to $17.9b in February

The outstanding value of mortgage loans remained virtually unchanged at $1.85t. 

Residential mortgage loans approved in February decreased by 15% month-on-month (MoM) to $17.9b,  the Monetary Authority announced.

Mortgage loans financing primary market transactions fell by 15% to $5.3b, whilst those financing secondary market transactions amounted to $9.6b, representing a 15.2% dip.

In addition, loans for refinancing declined 14.3% to $3.1b.

Total mortgage applications in February fell 22.3% MoM to 5,070.

 

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