The value of residential mortgage loans approved in July was $30.6 billion, an 11.2% increase compared with June, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 16.4% to $10.8 billion, while those financing secondary market transactions increased 10.5% to $16.6 billion.

Loans for refinancing decreased 0.2% to $3.2 billion.

Mortgage loans drawn down during July amounted to $18.2 billion, a 3% rise from June.

The number of mortgage applications in July rose 4.9% month-on-month to 9,005.

The outstanding value of mortgage loans increased month on month by 0.1% to $1.8873 trillion at end-July.