The value of residential mortgage loans approved in September was $17.3 billion, a 20.6% drop compared with August, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 27.2% to $5.6 billion, while those financing secondary market transactions decreased 15.4% to $10 billion.

Loans for refinancing decreased 25.1% to $1.8 billion.

Mortgage loans drawn down during September amounted to $15.4 billion, a 3.6% reduction from August.

The number of mortgage applications in September dipped 15.9% month on month to 4,977.

The outstanding value of mortgage loans increased 0.1% month on month to $1.872 trillion at the end of September.