July mortgage loans jumped 1.2% to $15.8b

Mortgage loans for refinancing up 16%.

In a report, the Monetary Authority announced that mortgage loans approved in July increased 1.2% month-on-month to $15.8 billion.

Loans for financing primary market transactions decreased 36% to $1.1 billion and those financing secondary market transactions increased 3.8% to $11.9 billion. Mortgage loans for refinancing increased 16% to $2.9 billion.

Loans drawn down dropped 4.9% to $12.2 billion.

New mortgage loans priced with reference to best lending rates decreased from 66.5% in June to 56.6% in July, with the majority priced within the range of 2% and 2.25%. Those priced with reference to HIBOR increased from 30.2% to 39.9%.

The outstanding value of mortgage loans increased by 0.2% to $898.4 billion.

The mortgage delinquency ratio remained unchanged at 0.02% and the rescheduled loan ratio remained unchanged at nearly 0%.