Mortgage loans approved in January dropped 12.9% month-on-month to $28.3 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions decreased 16.9% to $6.9 billion, while those financing secondary market transactions dropped 10.9% to $13.5 billion.
Those for refinancing dropped 12.6% to $8 billion.
Mortgage loans drawn down during the month decreased 14.9% to $25.2 billion.
The number of mortgage applications decreased 5.6% to 9,914.
The outstanding value of mortgage loans rose 0.7% month-on-month to $1.1262 trillion at the end of January.
