Mortgage loans up 3.6%

Residential mortgage loans approved in January increased 3.6% compared with December 2022 to $26.5 billion, the Monetary Authority announced today.


Mortgage loans financing primary market transactions dropped 7.6% to $6.5 billion, while those financing secondary market transactions rose 17.2% to $14.7 billion.


Loans for refinancing fell 11.8% to $5.3 billion.


Mortgage loans drawn down during the month dipped 21.1% to $17.2 billion.


The number of mortgage applications in January stood at 7,342, a month-on-month drop of 2.2%.


The outstanding value of mortgage loans increased 0.2% to $1.814 trillion at the end of January.