Mortgage Loans Down 7.4%
Residential mortgage loans approved in October decreased 7.4% compared with September to $49 billion, the Monetary Authority announced today.
Mortgage loans financing primary market transactions rose 37% to $12.4 billion, while those financing secondary market transactions fell 17.7% to $26.9 billion.
Those for refinancing dropped 13.1% to $9.7 billion.
Mortgage loans drawn down during the month decreased 20.8% to $31.9 billion.
The number of mortgage applications in October decreased month-on-month by 14.9% to 11,340.
The outstanding value of mortgage loans increased month-on-month by 0.6% to $1.7076 trillion at the end of October.
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