The value of residential mortgage loans approved in September was $31.4 billion, a 9.4% increase compared with August, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 17.5% to $12.6 billion, while those financing secondary market transactions rose 6.1% to $15.5 billion.

Loans for refinancing decreased 2.4% to $3.2 billion.

Mortgage loans drawn down during September amounted to $20.9 billion, a 9.7% rise from August.

The number of mortgage applications in September dropped 1.1% month on month to 8,316.

The outstanding value of mortgage loans increased 0.2% month-on-month to $1.8914 trillion at end-September.