Mortgage loans amounting to $15.6 billion were approved in February, a 9.8% fall compared with the previous month, the Monetary Authority announced today.
Mortgage loans drawn down increased 9.7% to $12.4 billion.
Mortgage loans financing primary-market transactions dropped 3.6% to $5.8 billion, and those financing secondary-market transactions dropped 16.3% to $7.3 billion.
Mortgage loans for refinancing decreased 2.1% to $2.5 billion.
The number of mortgage applications in February decreased 19.4% month-on-month to 7,198.
New mortgage loans priced with reference to best lending rates decreased from 56.1% in January to 43.7% in February, with the majority priced between 2% and 2.25%.
New mortgage loans priced with reference to HIBOR increased from 41.7% in January to 54.8% in February.
