The value of residential mortgage loans approved in January was $21.1 billion, a 15.1% rise compared with December 2023, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 20.9% to $6.3 billion, while those financing secondary market transactions increased 26.6% to $11.3 billion.

Loans for refinancing fell 15.9% to $3.6 billion.

Mortgage loans drawn down during the month increased 29.8% to $16.1 billion.

The number of mortgage applications in January increased 36.8% month-on-month to 6,523.

The outstanding value of mortgage loans remained virtually unchanged, standing at $1.8542 trillion at the end of January.