Residential Mortgage Survey Results for September 2010
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for September 2010.
New mortgage loans drawn down during September rose by 2.4% to HK$33.9 billion compared with August.
New loans approved decreased by 21.6% to HK$31.6 billion. Approvals for primary market transactions and secondary market transactions dropped by HK$1.6 billion, or 41.9%, and HK$7.4 billion, or 25.9%, respectively, whereas those for refinancing transactions increased by HK$0.3 billion, or 4.3%. The average approved loan size decreased by 3.4% to HK$2.28 million and the average contractual life of the new loans approved also decreased to 273 months from 275 months in August. The average loan-to-value ratio of new loans approved declined to 58.6% from 61.4%. The number of new applications declined by 26.2% to 17,459.
Around 9% of the new mortgage loans approved in September 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 90.5% from 89.5% in August.
The outstanding value of mortgage loans grew by 1.7% to HK$718.7 billion.
Both the mortgage delinquency ratio and the rescheduled loan ratio were at a low of 0.02% and 0.04% respectively in September.
For media enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Herbert Lam, Manager (Communications), at 2878 1213
Hong Kong Monetary Authority
1 November 2010