Mortgage loans drawn down during October dropped 1% month-on-month to $23.1 billion, the Monetary Authority announced today.
Mortgage loans approved increased 6.8% to $28.4 billion. Among these, mortgage loans financing primary market transactions increased 15.3% to $7.9 billion, and those financing secondary market transactions rose 2.3% to $15.9 billion. Mortgage loans for refinancing increased 9.8% to $4.5 billion.
Mortgage applications in October increased 5.2% month-on-month to 11,698.
New mortgage loans priced with reference to best lending rates fell from 14.9% in September to 13.4 % in October, with the majority priced in the range of 2% to 2.25%.
New mortgage loans priced with reference to HIBOR increased from 82.6% in September to 84.7% in October.
The outstanding value of mortgage loans increased 1.1% month-on-month to $966.8 billion.
The mortgage delinquency ratio remain unchanged at 0.02% and the rescheduled loan ratio remained unchanged at nearly 0%.
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