Residential Mortgage Survey Results for April 2008

Press Releases

26 May 2008

Residential Mortgage Survey Results for April 2008

According to the 23 authorized institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage loans drawn down during April 2008 decreased by 1.2% to HK$20.4 billion.

New loans approved decreased by 2.1% to HK$24.2 billion. The decrease was due to a decrease of HK$2.5 billion (-14.0%) in approvals for secondary market transactions, which more than offset increases of HK$1.3 billion (+45.0%) in approvals for primary market transactions and of HK$0.6 billion (+14.9%) in approvals for refinancing loans. The number of new applications decreased by 4.2%.

The proportion of new loans approved at more than 2.5% below the best lending rate (BLR) decreased to 84.7% from 90.0% in March, as more new loans were approved at more than 2.25% and up to 2.5% below the BLR in April.

The outstanding value of mortgage loans increased by 1.1% to HK$581.2 billion.

The mortgage delinquency ratio and rescheduled loan ratio declined to 0.08% and 0.16% respectively, driving the combined ratio to a record low of 0.24%.

Annex

For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802

Hong Kong Monetary Authority
26 May 2008

Latest Press Releases
Last revision date : 26 May 2008