Mortgage loans approved in December dropped 15.7% month-on-month to $32.5 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions decreased 10.5% to $8.2 billion, while those financing secondary market transactions dropped 22% to $15.1 billion. Those for refinancing dropped 8.1% to $9.1 billion.
Mortgage loans drawn down during the month increased 11.7% to $29.6 billion.
The number of mortgage applications decreased 26% to 10,505.
The outstanding value of mortgage loans rose 0.9% month-on-month to $1.1187 trillion at the end of December.
