Published:
Mortgage loans approval up 5.3% in May
The number of mortgage applications also rose 5%.
Residential mortgage loans approved in May totaled $26.6b, up 5.3% from April, the Monetary Authority announced today.
Loans for primary market purchases fell 4.2% to $8.9b, whilst secondary market loans rose 7.1% to $14.6b. Refinancing loans jumped 33.7% to $3b.
However, the total amount of mortgage loans drawn down in May fell 5.3% to $16.2b.
Mortgage applications increased 5% to 8,187. Outstanding mortgage loans rose 0.1% to $1.884t at the end of May.
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