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Mortgage loans up 20.5%

April 29, 2016

Mortgage loan approvals rose 20.5% month-on-month in February to $15.4 billion, the Monetary Authority announced today.

 

Mortgage loans financing primary market transactions fell 7.9% to $3.1 billion, while those financing secondary market transactions grew 39.4% to $8 billion. Those for refinancing rose 17.2% to $4.2 billion.

 

Mortgage loans drawn down during the month rose 45% to $15.2 billion.

 

The number of mortgage applications increased 52.9% to 7,446.

 

New mortgage loans priced with reference to best lending rates decreased from 14.2% in February to 12.6% in March, with the majority priced between 2% and 2.25%.

 

New mortgage loans priced with reference to HIBOR dropped from 77.4% in February to 76.1% in March.

 

The outstanding value of mortgage loans increased 0.3% month-on-month to $1.079 trillion at the end of March.

 

The mortgage delinquency ratio remained unchanged at 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%.



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