Loans for primary transactions plunged18.2% whilst loans for secondary transactions dropped 13.2%.
Mortgage loans approved in February fell 14.7% MoM to $32.5b, according to a government press release.
Mortgage loans for primary market transactions decreased 18.2% to $5.4b whilst those for secondary market transactions dropped 13.2% to $19.8b. Similarly, loans for refinancing fell 16.2% to $7.2b over the same period.
The number of mortgage applications in February also dropped 21.2% MoM to 11,166.
However, the outstanding value of mortgage loans rose 0.4% MoM to $1.2185t.
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