Residential Mortgage Survey Results for July 2010
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for July 2010.
New mortgage loans drawn down during July decreased by 15.9% to HK$25.9 billion compared with June.
New loans approved increased by 15.3% to HK$40.8 billion. Approvals for secondary market transactions surged HK$6.5 billion or 30.4% while those for primary market transactions rose slightly by HK$0.3 billion or 6.0%. These approvals were partially offset by a drop of HK$1.4 billion or 15.7% in approvals for refinancing transactions. The number of new applications increased by 17.9% to 25,877.
Around 11% of the new mortgage loans approved in July were priced with reference to best lending rates. The majority of these loans were in the price range of 2% to less than 2.25%. The proportion of new mortgage loans priced with reference to HIBOR increased to 87.4% from 83.9% in June.
The outstanding value of mortgage loans increased by 2.0% to HK$693.2 billion.
The mortgage delinquency ratio fell to a record low of 0.02% while the rescheduled loan ratio remained unchanged at 0.05% in July.
For media enquiries, please contact:
Anissa Wong, Manager (Communications), at 2878 1802 or
Yokee Wong, Manager (Communications), at 2878 1213
Hong Kong Monetary Authority
26 August 2010