Residential Mortgage Survey Results for February 2024

The Hong Kong Monetary Authority announced the results of the residential mortgage survey for February 2024.

The number of mortgage applications in February decreased month-on-month by 22.3% to 5,070.  

Mortgage loans approved in February decreased by 15% compared with January to HK$17.9 billion.  Among these, mortgage loans financing primary market transactions decreased by 15% to HK$5.3 billion and those financing secondary market transactions decreased by 15.2% to HK$9.6 billion.  Mortgage loans for refinancing decreased by 14.3% to HK$3.1 billion. 

Mortgage loans drawn down during February decreased by 29% compared with January to HK$11.4 billion. 

The ratio of new mortgage loans priced with reference to HIBOR increased from 93.4% in January to 94% in February.  The ratio of new mortgage loans priced with reference to best lending rates increased from 1.6% in January to 2% in February.

The outstanding value of mortgage loans remained virtually unchanged in February, standing at HK$1,853.3 billion at end-February. 

The mortgage delinquency ratio increased slightly to 0.09% and the rescheduled loan ratio remained unchanged at nearly 0%.

Annex

Hong Kong Monetary Authority
28 March 2024