Mortgage loans drawn down during July rose 5.9% month on month to $18.6 billion, the Monetary Authority announced today.
Mortgage loans approved in July increased 12.9% month on month, to $28.3 billion. Among these, mortgage loans financing primary market transactions increased 39.6% to $6.7 billion, and those financing secondary market transactions rose 6.5% to $17.8 billion. Mortgage loans for refinancing rose 6.8% to $3.8 billion.
Mortgage applications in July increased 11.2% month-on-month, to 12,728.
New mortgage loans priced with reference to best lending rates fell from 21% in June to 17.4% in July, with the majority priced in the range of 2% to 2.25%.
New mortgage loans priced with reference to HIBOR increased from 76.7% in June to 80.2% in July.
Mortgage loans' outstanding value increased month-on-month by 0.6% to $940 billion at the end of July.
The mortgage delinquency ratio nudged up to 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.
Refer to the annex for details.