Mortgage loans approved in May rose 16.5% month-on-month to $23 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions increased 33.5% to $5 billion, while those financing secondary market transactions grew 12.2% to $12.4 billion. Those for refinancing rose 13.3% to $5.6 billion.
Mortgage loans drawn down during the month increased 45.8% to $15.3 billion.
The number of mortgage applications increased 13% to 9,961.
The outstanding value of mortgage loans rose 0.2% month-on-month to $1.081 trillion at the end of May.
