The value of residential mortgage loans approved in October was $19 billion, a 9.5% increase compared with September, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 2.4% to $5.4 billion, while those financing secondary market transactions rose 14% to $11.4 billion.

Loans for refinancing increased 21.2% to $2.2 billion.

Mortgage loans drawn down during October amounted to $11.2 billion, a 26.9% reduction from September.

The number of mortgage applications in October increased 46.5% month-on-month to 7,289.

The outstanding value of mortgage loans remained virtually unchanged, standing at $1,872.8 billion at end-October.