Residential Mortgage Survey Results for October 2004

Press Releases

25 Nov 2004

Residential Mortgage Survey Results for October 2004

The 24 authorized institutions (AIs) that participate in the HKMA's monthly survey of residential mortgage lending reported increases in residential mortgage activity during October.

The value of new loans approved by the AIs during October grew by 25% to HK$15.7 billion. There was an increase in approvals for transactions in both the primary market (45.5% or HK$1.2 billion) and the secondary market (28.7% or HK$1.9 billion). New loans drawn down during the month also increased, by 8.4% to HK$12.3 billion. The number of new loan applications rose for the third straight month, by 9.9%.

The proportion of new loan approvals priced at more than 2.5% below the best lending rate increased to 86.2% from 73.7% in September, while that for fixed rate mortgages contracted to 2.2% from 10.2% in September.

The outstanding amount of mortgage loans increased to HK$525.0 billion.

The mortgage delinquency ratio improved further to 0.43% from 0.47% in September. With the rescheduled loan ratio remaining at 0.50%, the combined ratio improved to 0.93% from 0.97%.

For further enquiries, please contact:

Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
25 November 2004

Annex

Notes to Annex

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Last revision date : 25 November 2004