Published:
Mortgage loan approvals fall 2.1% in January
The number of mortgage applications increased 3.3%.
The total value of residential mortgage loans approved in January declined 2.1% month-on-month to $25b, the Hong Kong Monetary Authority announced.
Despite the overall decline, loans financing primary market transactions surged 15.5% to $10b. However, loans for secondary market transactions dropped 11.7% to $12.2b, while refinancing loans fell 8.8% to $2.9b.
Mortgage loans drawn down in January rose 17.6% from the previous month to $15.6b. Meanwhile, the number of mortgage applications increased 3.3% to 6,516.
As of end-January, the outstanding value of mortgage loans edged up 0.1% to $1.872t.
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