Mortgage loans up 27.7%

The value of residential mortgage loans approved in November was $24.2 billion, a 27.7% increase compared with October, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 46.2% to $7.9 billion, while those financing secondary market transactions rose 20.3% to $13.7 billion.

Loans for refinancing increased 20.1% to $2.6 billion.

Mortgage loans drawn down during November amounted to $10.6 billion, a 5.2% reduction from October.

The number of mortgage applications in November increased 9.7% month-on-month to 7,995.

The outstanding value of mortgage loans dropped 0.1% to $1.871 trillion at end-November.