The value of residential mortgage loans approved in March was $19.1 billion, a 6.2% increase compared with February, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 27% to $6.8 billion, while those financing secondary market transactions dipped 2.7% to $9.3 billion.

Loans for refinancing fell 2.3% to $3 billion.

Mortgage loans drawn down during the month climbed 3.8% to $11.8 billion.

The number of mortgage applications in March surged 70.1% month-on-month to 8,622.

The outstanding value of mortgage loans remained virtually unchanged, standing at $1.8534 trillion at the end of March.