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Mortgage loans drop 1.6%

November 30, 2017

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.



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