Mortgage loans drawn down in February decreased 24.8% month-on-month to $16 billion, the Monetary Authority announced today.
Mortgage loans approved decreased 12.1% to $26.7 billion. Among these, mortgage loans for primary market transactions dropped 24.2% to $6 billion, and those for secondary market transactions fell 10.9% to $15.9 billion.
Mortgage loans for refinancing rose 3.7% to $4.8 billion, while mortgage applications dropped 23.6% to 10,393.
New mortgage loans priced with reference to best lending rates fell from 13.3% to 12.8%, with the majority in the price range of 2% and 2.25%. The portion priced with reference to HIBOR decreased from 84% in January to 85.4% in February.
The outstanding value of mortgage loans rose 0.5% to $998 billion.
The mortgage delinquency ratio increased slightly to 0.03%. The rescheduled loan ratio remained unchanged at nearly 0%.
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