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New mortgage loans drawn down in June rose 17.4% to $16.4 billion, while new loans approved fell 2.4% to $17.3 billion, the Monetary Authority says.
The drop was due to falls of $100 million in approvals for secondary market transactions and of $300 million in approvals for refinancing loans. The number of new applications also fell 16.7%.
The proportion of new loans approved at more than 2.5% below the best lending rate grew to 90.3% from 85.2% in May. The proportion of new approvals priced with reference to rates other than the best lending rate or fixed rates fell to 6.2% from 11.3% over the same period.
The outstanding value of mortgage loans rose 0.7% to $536 billion.
The mortgage delinquency ratio stood at 0.16%. With the rescheduled loan ratio falling to 0.24% in June, the combined ratio improved to a record low of 0.39%.
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