The Hong Kong Monetary Authority (“HKMA”) announced the results of the residential mortgage survey for October 2014.
The number of mortgage applications in October increased month-on-month by 5.2% to 11,698.
Mortgage loans approved in October increased by 6.8% compared with September to HK$28.4 billion. Among these, mortgage loans financing primary market transactions increased by 15.3% to HK$7.9 billion and those financing secondary market transactions increased by 2.3% to HK$15.9 billion. Mortgage loans for refinancing increased by 9.8% to HK$4.5 billion.
Mortgage loans drawn down during October decreased by 1% compared with September to HK$23.1 billion.
New mortgage loans priced with reference to best lending rates decreased from 14.9% in September to 13.4% in October with majority priced within the range of 2% and 2.25%. New mortgage loans priced with reference to HIBOR increased from 82.6% in September to 84.7% in October.
The outstanding value of mortgage loans increased month-on-month by 1.1% to HK$966.8 billion at end-October.
The mortgage delinquency ratio remained unchanged at 0.02% and the rescheduled loan ratio remained unchanged at nearly 0%.
Hong Kong Monetary Authority
28 November 2014