Residential mortgage loans approved in November fell 1.5% compared with the previous month to $29.7 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 8.9% to $8.7 billion while those financing secondary market transactions dropped 13.6% to $8.8 billion.

Those for refinancing increased 1.9% to $12.1 billion.

Mortgage loans drawn down during the month fell 16.9% to $25.9 billion.

The number of mortgage applications in November fell 12.3% month-on-month to 9,431.

The outstanding value of mortgage loans increased 0.5% month-on-month to $1.3054 trillion at the end of November.