Residential mortgage loans approved in April decreased 4.3% compared with March to $50.8 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 21.7% to $7.6 billion, while those financing secondary market transactions rose 0.8% to $36.5 billion.

Those for refinancing dipped 6.4% to $6.7 billion.

Mortgage loans drawn down during the month fell 2.4% to $29.5 billion.

The number of mortgage applications in April decreased month-on-month by 7.7% to 16,568.

The outstanding value of mortgage loans increased month-on-month by 0.7% to $1.616 trillion at the end of April.