Mortgage loans approved in June dropped 3.2% month-on-month to $22.3 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions decreased 7% to $4.6 billion, while those financing secondary market transactions grew 2.1% to $12.6 billion. Those for refinancing fell 11.5% to $5 billion.
Mortgage loans drawn down during the month increased 15.8% to $17.8 billion.
The number of mortgage applications decreased 1.2% to 9,844.
The outstanding value of mortgage loans rose 0.3% month-on-month to $1.0845 trillion at the end of June.
