Mortgage applications up 7.1% to 13,098

And mortgage loans approved increased by 10.3%.

According to the Monetary Authority, the number of mortgage applications in October increased by 7.1% month-on-month to 13,098, the Monetary Authority said today.

Mortgage loans drawn down increased by 4.1% to $19 billion.

Mortgage loans approved increased by 10.3% to $24.7 billion. Among these, mortgage loans financing primary market transactions increased by 42.5% to $3.9 billion. Those financing secondary market transactions increased by 6.8% to $17.8 billion. Mortgage loans for refinancing remained unchanged at at $3 billion.

In October, 93.1% of mortgage loans were priced with reference to best lending rates, with the largest portion priced within the range of 2% and 2.25%.

New mortgage loans priced with reference to the Hong Kong Interbank Offered Rate increased from 2.9% in September to 4.5% in October.

The outstanding value of mortgage loans increased month-on-month by 0.7% to $848.1 billion.