Residential mortgage loans approved in June decreased 14.6% compared with May to $44.7 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 8.2% to $11.5 billion, while those financing secondary market transactions fell 27.7% to $18.9 billion.

Those for refinancing went up 4.8% to $14.3 billion.

Mortgage loans drawn down during the month increased 14.8% to $38.5 billion.

The number of mortgage applications in June fell 27.1% month-on-month to 12,732.

The outstanding value of mortgage loans increased 1.4% month-on-month to $1.37 trillion at the end of June.