Residential Mortgage Survey Results for January 2009

Press Releases

26 Feb 2009

Residential Mortgage Survey Results for January 2009

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 January 2009 decreased by 15.0% to HK$6.1 billion compared with December 2008.

New loans approved increased by 8.0% to HK$11.2 billion. The increase was due to an increase of HK$1.4 billion (+20.2%) in approvals for secondary market transactions, which more than offset decreases of HK$0.1 billion (-5.4%) in approvals for primary market transactions, and of HK$0.4 billion (-36.8%) in approvals for refinancing loans. The number of new applications remained little changed at 8,520 cases.

Over 50% of the mortgage loans approved in January were priced within the range of 1.5% - 2% below the best lending rate. The proportion of new mortgage loans priced with reference to rates other than the best lending rate (mostly HIBOR) increased from 17.7% to 28.4%.

The outstanding value of mortgage loans decreased by 0.1% to HK$587 billion.

The mortgage delinquency ratio and the rescheduled loan ratio remained unchanged at 0.05% and 0.14% respectively. The combined ratio stood at 0.19%.

Annex

For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
26 February 2009

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Last revision date : 26 February 2009