Mortgage loan approvals rose 10.1% month-on-month in June to $25 billion, the Monetary Authority announced today.
Mortgage loans financing primary-market transactions rose 4.1% to $4.8 billion, and those financing secondary-market transactions grew 13.4% to $16.7 billion. Those for refinancing rose 4.1% to $3.5 billion.
Mortgage loans drawn down during the month rose 7.7% to $17.6 billion.
The number of mortgage applications increased 2.4% to 11,175.
New mortgage loans priced with reference to best lending rates decreased from 26.4% in May to 21% in June, with the majority priced between 2% and 2.25%.
New mortgage loans priced with reference to HIBOR increased from 71.4% in May to 76.7% in June.
The outstanding value of mortgage loans increased 0.7% month-on-month to $934.1 billion at the end of June.
The mortgage delinquency ratio remained unchanged at 0.02% and the rescheduled loan ratio remained unchanged at nearly 0%.
