The Hong Kong Monetary Authority (“HKMA”) announced the results of the residential mortgage survey for July 2016.
The number of mortgage applications in July increased month-on-month by 4.4% to 10,281.
Mortgage loans approved in July increased by 2.7% compared with June to HK$22.9 billion. Among these, mortgage loans financing primary market transactions decreased by 1.4% to HK$4.6 billion and those financing secondary market transactions increased by 5.2% to HK$13.3 billion. Mortgage loans for refinancing increased by 0.1% to HK$5 billion.
Mortgage loans drawn down during July decreased by 11.1% compared with June to HK$15.8 billion.
The ratio of new mortgage loans priced with reference to best lending rates decreased from 4.9% in June to 3.8% in July, with the majority priced within the range of 2% and 2.25%. The ratio of new mortgage loans priced with reference to HIBOR increased from 89.8% in June to 92.6% in July. The ratio of mortgage loans priced at fixed rates decreased from 3.9% in June to 2.2% in July.
The outstanding value of mortgage loans increased month-on-month by 0.2% to HK$1,086.4 billion at end-July.
The mortgage delinquency ratio remained unchanged at 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%.
Hong Kong Monetary Authority
31 August 2016