Mortgage loans drawn down in October dropped 7.3% month-on-month to $18.8 billion, the Monetary Authority announced today.
Mortgage loans approved decreased 19.3% to $17 billion. Among these, mortgage loans for primary market transactions dropped 25.7% to $4.2 billion, and those for secondary market transactions fell 22.3% to $8.3 billion.
Mortgage loans for refinancing decreased 4.6% to $4.4 billion, while mortgage applications dropped 17.1% to 6,533.
New mortgage loans priced with reference to best lending rates increased from 11.8% to 14.8%, with the majority priced within the range of 2% and 2.25%. The portion priced with reference to HIBOR fell from 82% in September to 79.2%.
The outstanding value of mortgage loans rose 0.6% to $1.0683 trillion.
