The value of residential mortgage loans approved in November was $24.5 billion, a 1.7% decline compared with October, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 10.1% to $6.2 billion, while those financing secondary market transactions increased 17.1% to $9.4 billion.

Loans for refinancing decreased 20.8% to $9 billion.

Mortgage loans drawn down during the month dipped 20.1% to $16.2 billion.

The number of mortgage applications in November stood at 6,000, representing a month-on-month increase of 12%.

The outstanding value of mortgage loans dropped 0.04% to stand at $1.8575 trillion at the end of November.