The value of residential mortgage loans approved in October was $31.3 billion, broadly unchanged compared with September, the Monetary Authority announced today.

Among these, mortgage loans financing primary market transactions decreased 2.1% to $12.4 billion, while those financing secondary market transactions increased 3.4% to $16 billion.

Loans for refinancing fell 8.4% to $3 billion.

Mortgage loans drawn down during October amounted to $20.1 billion, a 3.5% drop from September.

The number of mortgage applications in October dipped 0.7% to 8,255.

The outstanding value of mortgage loans increased 0.8% month-on-month to $1.9074 trillion at end-October.