Mortgage loans approved in October fell 4.6% compared with the previous month to $30.1 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 28.1% to $8 billion while those financing secondary market transactions dropped 13.4% to $10.2 billion.

Those for refinancing decreased 12.1% to $11.9 billion.

Mortgage loans drawn down during the month dropped 5.3% to $31.2 billion.

The number of mortgage applications in October rose 34.8% month-on-month to 10,754.

The outstanding value of mortgage loans increased 0.7% month-on-month to $1.2985 trillion at the end of October.