Mortgage loans drawn down in July rose 43.6% month on month to $27.7 billion, the Monetary Authority announced today.
Mortgage loans approved dropped 8.8% to $27.2 billion. Among these, mortgage loans for primary market transactions dropped 24.6% to $6.5 billion, while those for secondary market transactions rose 0.6% to $15.9 billion.
Mortgage loans for refinancing dropped 11% to $4.8 billion.
New mortgage loans priced with reference to best lending rates increased from 11.7% to 11.9%. The portion priced with reference to HIBOR decreased from 85.8% to 84.5%.
The outstanding value of mortgage loans rose 1.3% to $1.0442 trillion.
