Approved mortgage loans drop 5.9% MoM in June

The drop was likely due to the decrease in applications during the same month.

Approved residential mortgage loans dropped 5.9% MoM to $51.4m in June, the Monetary Authority reported. 

The drop was likely due to the 15.2% MoM decrease in the number of mortgage applications in June. Applications were only 10,938.

Of the total mortgage loans, $7.1b (+4.7% MoM) and $31.1b (-17.1% MoM) were used to finance primary and secondary market transactions, respectively.

The remaining $13.2b (+27.6%) was used for refinancing.

After taking into account the June record, the outstanding value of mortgage loans has reached $1.7744t.

Meanwhile, mortgage loans drawn down in June rose 27.5% to $29.5b.