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Mortgage loans up 1.5% MoM in July
Mortgage loans approved in July total $24.8b.
The government approved $24.8b worth of mortgage loans in July, up 1.5% month-on-month (MoM).
Mortgage applications also rose 0.7% MoM to 6,740.
Mortgage loans financing primary market transactions rose 0.7% to $8.6b whilst those financing secondary market transactions slipped 1% to $13.7b. Loans for refinancing surged 21.5% to $2.5b.
Mortgage loans drawn down in July amounted to $16.4b, down 32.3% from June.
Meanwhile, the outstanding value of mortgage loans increased 0.1% MoM to $1.868t at the end of July.
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