The value of residential mortgage loans approved in May was $26.6 billion, a 5.3% increase compared with April, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 4.2% to $8.9 billion, while those financing secondary market transactions increased 7.1% to $14.6 billion.

Loans for refinancing increased 33.7% to $3 billion.

Mortgage loans drawn down during May amounted to $16.2 billion, a 5.3% drop from April.

The number of mortgage applications in May rose 5% month-on-month to 8,187.

The outstanding value of mortgage loans increased month-on-month by 0.1% to $1.884 trillion at end-May.