Residential Mortgage Survey Results for October 2008

Press Releases

26 Nov 2008

Residential Mortgage Survey Results for October 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 October 2008 decreased by 2.6% to HK$11.3 billion compared with September 2008.

New loans approved decreased by 5.9% to HK$13.7 billion. The decrease was mainly due to decreases of HK$0.6 billion (-5.9%) in approvals for secondary market transactions and of HK$0.3 billion (-9.4%) in approvals for refinancing loans. Meanwhile, the approval for primary market transactions remained little changed at HK$1.8 billion. The number of new applications decreased by 10.3%.

The proportion of new loans approved at more than 2.5% below the best lending rate decreased to 51.7% from 83.1% in September.

The outstanding value of mortgage loans increased by 0.5% to HK$600 billion.

The mortgage delinquency ratio remained unchanged at 0.05% while the rescheduled loan ratio declined to 0.13%. The combined ratio declined to a record low of 0.18% from 0.19% in September.

Annex

For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Peggy Lo, Manager (Communications), at 2878 1687

Hong Kong Monetary Authority
26 November 2008

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Last revision date : 26 November 2008