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 June increased by 17.4% to HK$16.4 billion.
New loans approved fell by 2.4% to HK$17.3 billion. The decline was mainly due to decreases of HK$0.1 billion (-1.2%) in approvals for secondary market transactions and of HK$0.3 billion (-9.2%) in approvals for refinancing loans. The number of new applications also decreased by 16.7%.
The proportion of new loans approved at more than 2.5% below the best lending rate increased to 90.3% from 85.2% in May, while the proportion of new approvals priced with reference to rates other than the best lending rate or fixed rates decreased to 6.2% from 11.3% over the same period.
The outstanding value of mortgage loans increased by 0.7% to HK$536.0 billion.
The mortgage delinquency ratio was stable at 0.16%. With the rescheduled loan ratio falling to 0.24% in June, the combined ratio improved to a record low of 0.39%1.
For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Hing-fung Wong, Officer (Press), at 2878 1802
Hong Kong Monetary Authority
23 July 2007