The value of residential mortgage loans approved in April was $25.3 billion, a 2.4% increase compared with March, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 7.5% to $9.3 billion, while financing secondary market transactions increased 17.6% to $13.7 billion.

Loans for refinancing decreased 23.5% to $2.3 billion.

Mortgage loans drawn down during April amounted to $17.1 billion, a 7.7% rise from March.

The number of mortgage applications in April dropped 7.8% month-on-month to 7,795.

The outstanding value of mortgage loans increased 0.2% to $1.8819 trillion at end-April.