Mortgage loans down 4.7%

November 30, 2022

Residential mortgage loans approved in October decreased 4.7% compared with September to $32.5 billion, the Monetary Authority announced today.


Mortgage loans financing primary market transactions rose 14.6% to $7.8 billion, while those financing secondary market transactions dropped 3% to $15.5 billion.


Those for refinancing fell 18.6% to $9.2 billion.


Mortgage loans drawn down during the month decreased 18.7% to $21 billion.


The number of mortgage applications in October stood at 7,280, a month-on-month drop of 16.6%.


The outstanding value of mortgage loans increased 0.1% to $1.7989 trillion at the end of October.

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