Mortgage loans down 25.3%

The value of residential mortgage loans approved in December 2023 was $18.3 billion, a 25.3% decline compared with November 2023, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 16.3% to $5.2 billion, while those financing secondary market transactions decreased 5.1% to $8.9 billion.

Loans for refinancing fell 52.6% to $4.3 billion.

Mortgage loans drawn down during the month dropped 23.4% to $12.4 billion.

The number of mortgage applications in December 2023 stood at 4,768, a month-on-month decrease of 20.5%.

The outstanding value of mortgage loans fell 0.1% to $1.8551 trillion at the end of December 2023.