Mortgage applications fall 16.1% in May

However, the value of mortgages approved rose by 8.8%, according to official data.

The number of mortgage applications in Hong Kong fell in May, although the total value of approved mortgages rose, according to data from the Hong Kong Monetary Authority (HKMA).

A total of 8,077 mortgage applications were logged during the month, 16.1% lower than in April.

However, the value of mortgage loans approved rose by 8.8% to a total value of HK$31.6.

Mortgage loans financing primary market transactions increased by 3.7% to HK$11.5b, whilst loans financing secondary market transactions rose by 14.9% to HK$17.6b.

Mortgage loans for refinancing declined by 4.8% to HK$2.5b.

Mortgage loans drawn down during May rose by 27% compared with April to HK$16.5b, according to HKMA data.

The outstanding value of mortgage loans in Hong Kong logged a 0.2% increase to over HK$1.86t as of end-May.

The mortgage delinquency ratio remained unchanged at 0.09%.