Mortgage loans up 31.5%

Residential mortgage loans approved in March increased 31.5% compared with February to $44.9 billion, the Monetary Authority announced today. 


Mortgage loans financing primary market transactions increased 24.7% to $9.6 billion, while those financing secondary market transactions rose 38.5% to $30 billion.


Loans for refinancing also went up 10.9% to $5.4 billion.


Mortgage loans drawn down during the month rose 5.2% to $18.2 billion.


The number of mortgage applications in March increased to 11,553, a month-on-month rise of 18.9%.


The outstanding value of mortgage loans increased 0.1% to $1.8 trillion at the end of March.