Mortgage loans approved in June fell 4.8% compared with the previous month to $40.6 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 11.9% to $5.6 billion while those financing secondary market transactions slipped 0.5% to $24.1 billion.

Those for refinancing decreased 9.6% to $10.9 billion.

Mortgage loans drawn down during the month increased 8.6% to $33.7 billion.

The number of mortgage applications in June increased 0.6% month-on-month to 14,579.

The outstanding value of mortgage loans rose 0.9% month-on-month to $1.2578 trillion.