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 34.4% to HK$20.4 billion compared with May.
New loans approved increased by 36.5% to HK$38.4 billion. The increase was distributed across all types of property transaction. Approvals for primary market transactions increased by HK$2.8 billion or 43.8%, approvals for secondary market transactions increased by HK$5.4 billion or 27.4%, and approvals for refinancing loans increased by HK$2.0 billion or 110.3%. The number of new applications increased to 24,511 compared with 19,419 in May.
Around 52% of the new mortgage loans approved in June were priced at more than 2.5% below the best lending rate, compared with 53.3% in May. The proportion of new mortgage loans priced with reference to rates other than the best lending rate (mostly HIBOR) increased to 39.8% in June from 31.9% in May.
The outstanding value of mortgage loans increased by 1.2% to HK$601.1 billion.
The mortgage delinquency ratio remained unchanged at 0.05%, whereas the rescheduled loan ratio declined marginally to 0.12% in June from 0.13% in May.
For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Hong Kong Monetary Authority
27 July 2009