Approved mortgage loans up 7.7% to $47.7b in August

The number of mortgage applications also rose 26.3% to 17,963.

The volume of approved mortgage loans sustained their positive growth after rising 7.7% MoM to $47.7b in August, according to the Hong Kong Monetary Authority.

Correspondingly, the number of mortgage applications in August surged by 26.3% MoM to 17,963.

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In a breakdown, mortgage loans financing primary market transactions increased by 18.7% to $9.4b along with those for refinancing which surged 38.7% to $17.3b. On the other hand, those financing secondary market transactions fell by 12.2% to $20.9b.

Mortgage loans drawn down during August also increased by 7.1% MoM to $32.3b. 

The outstanding value of mortgage loans inched up by 0.8% MoM to $1,277b as of end-August. The mortgage delinquency ratio remained unchanged at 0.02%.