Residential mortgage loans approved in October decreased 3.9% compared with September to $32.6 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 4.6% to $9.1 billion, while those financing secondary market transactions increased 14.6% to $12.8 billion.

Those for refinancing dipped 24% to $10.6 billion.

Mortgage loans drawn down during the month fell 23.5% to $26.3 billion.

The number of mortgage applications in October decreased month-on-month by 3.7% to 9,299.

The outstanding value of mortgage loans increased 0.5% to $1.4228 trillion at the end of October.