Residential Mortgage Survey Results for March 2009

Press Releases

27 Apr 2009

Residential Mortgage Survey Results for March 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 March increased by 25.5% to HK$8.9 billion compared with February.

New loans approved increased by 46.0% to HK$16.7 billion. The increase was distributed across all types of property transaction. Approvals for primary-market transactions increased by HK$2.1 billion or 106.8%, approvals for secondary-market transactions by HK$2.8 billion or 33.1%, and approvals for refinancing loans by HK$0.4 billion or 39.4%. The number of new applications increased to 13,261 compared with 8,445 in February.

Nearly 50% of the new mortgage loans approved in March were priced within the range of 2% to 2.5% below the best lending rate, compared with 14% in February. The proportion of new mortgage loans priced with reference to rates other than the best lending rate (mostly HIBOR) declined to 29.5% in March from 32.0% in February.

The outstanding value of mortgage loans remained little changed at HK$587 billion.

The mortgage delinquency ratio declined slightly to 0.05% while the rescheduled loan ratio remained unchanged at 0.13%. The combined ratio declined to 0.18% from 0.19% in February.

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
27 April 2009

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Last revision date : 27 April 2009