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New mortgage loans drawn down in July dropped 15.9% to $25.9 billion compared with June, the Monetary Authority said today.
New loans approved during the month rose 15.3% to $40.8 billion. Approvals for secondary market transactions surged $6.5 billion or 30.4% while those for primary market transactions rose slightly by $300 million or 6%. These approvals were partially offset by a drop of $1.4 billion or 15.7% in approvals for refinancing transactions. The number of new applications rose 17.9% to 25,877.
About 11% of the new mortgage loans approved were priced with reference to best-lending rates. The majority of these loans were in the price range of 2% to less than 2.25%.
The proportion of new mortgage loans priced with reference to Interbank Offered Rates increased to 87.4% from 83.9% in June.
The outstanding value of mortgage loans rose 2% to $693.2 billion. The mortgage delinquency ratio fell to a record low of 0.02% while the rescheduled loan ratio remained unchanged at 0.05%.
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