Residential mortgage loans approved in August decreased 0.2% compared with July to $54.3 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 8.3% to $7.5 billion, while those financing secondary market transactions fell 4.6% to $36.3 billion.

Those for refinancing increased 11.6% to $10.6 billion.

Mortgage loans drawn down during the month rose 0.9% to $39.6 billion.

The number of mortgage applications in August decreased month-on-month by 8.2% to 13,927.

The outstanding value of mortgage loans increased month-on-month by 1% to $1.6798 trillion at the end of August.