MORTGAGE LOANS DOWN 37.7%

Residential mortgage loans approved in February decreased 37.7% compared with January to $26.3 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions fell 35.9% to $4.5 billion, while those financing secondary market transactions dipped 37.8% to $14.9 billion.

Those for refinancing dropped 38.5% to $6.9 billion.

Mortgage loans drawn down during the month decreased 23.6% to $24 billion.

The number of mortgage applications in February dropped to 6,592, a month-on-month fall of 37.2%.

The outstanding value of mortgage loans increased 0.4% to $ 1.7543 trillion at the end of February.

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