The value of residential mortgage loans approved in February was $17.9 billion, a 15% drop compared with January, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 15% to $5.3 billion, while those financing secondary market transactions dipped 15.2% to $9.6 billion.

Loans for refinancing fell 14.3% to $3.1 billion.

Mortgage loans drawn down during the month dropped 29% to $11.4 billion.

The number of mortgage applications in February declined 22.3% month-on-month to 5,070.

The outstanding value of mortgage loans remained virtually unchanged, standing at $1.8533 trillion at the end of February.