Mortgage loan approvals rose 28.4% month-on-month in April to $19.8 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions increased 19.3% to $3.7 billion, while those financing secondary market transactions grew 37.3% to $11 billion. Those for refinancing rose 18.1% to $5 billion.
Mortgage loans drawn down during the month decreased 30.9% to $10.5 billion.
The number of mortgage applications increased 18.4% to 8,816.
New mortgage loans priced with reference to best lending rates decreased from 12.6% in March to 7.5% in April, with the majority priced between 2% and 2.25%.
New mortgage loans priced with reference to HIBOR increased from 76.1% in March to 84.2% in April.
The outstanding value of mortgage loans dropped 0.1% month-on-month to $1.079 trillion at the end of April.
The mortgage delinquency ratio remained unchanged at 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%.
