Mortgage loans approved in October dropped 1.6% compared to the previous month to $29.1 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions decreased 4.5% to $6 billion, while those financing secondary market transactions went up 3.6% to $14.4 billion.
Those for refinancing fell 7.4% to $8.6 billion.
Mortgage loans drawn down during the month decreased 22% to $21.6 billion.
The number of mortgage applications dropped by 0.8% to 11,280.
The outstanding value of mortgage loans increased 0.3% month-on-month to $1.19 trillion at the end of October.
