Residential Mortgage Survey Results for November 2004

Press Releases

28 Dec 2004

Residential Mortgage Survey Results for November 2004

According to the 24 authorized institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage lending increased further in November.

New loans drawn down during November increased by 13.0% to HK$13.9 billion, the highest level since mid-1999. Driven by more approvals for transactions in the secondary market and refinancing loans, new loans approved by the AIs during the month rose by 3.1% in number terms. Mainly due to the smaller loan size of the new approvals, a decline of 5.1% to HK$14.9 billion was recorded by value. The number of new loan applications decreased by 1.9% after rising for three consecutive months.

The proportion of new loan approvals priced at more than 2.5% below the best lending rate edged up to 86.4% from 86.2% in October, while that for fixed rate mortgages contracted further to 1.2% from 2.2% in October.

The outstanding amount of mortgage loans increased to HK$527.0 billion.

The mortgage delinquency ratio improved further to 0.40% from 0.43% in October. With the rescheduled loan ratio declining to 0.48% from 0.50%, the combined ratio improved to 0.88% from 0.93% in October.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
28 December 2004

Annex

Notes to Annex

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Last revision date : 28 December 2004