The value of residential mortgage loans approved in August was $28.7 billion, a 6.3% decrease compared with July, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 0.7% to $10.7 billion, while those financing secondary market transactions decreased 11.9% to $14.6 billion.

Loans for refinancing rose 4.1% to $3.3 billion.

Mortgage loans drawn down during August amounted to $19 billion, a 4.5% rise from July.

The number of mortgage applications in August dropped 6.7% month on month, to 8,405.

The outstanding value of mortgage loans increased 0.1% month on month to $1.8883 trillion at end-August.