The Hong Kong Monetary Authority (“HKMA”) announced the results of the residential mortgage survey for February 2020.
The number of mortgage applications in February decreased month-on-month by 6.4% to 8,536.
Mortgage loans approved in February decreased by 5% compared with January to HK$23.7 billion. Among these, mortgage loans financing primary market transactions decreased by 2.1% to HK$4.5 billion and those financing secondary market transactions decreased by 1.9% to HK$14.4 billion. Mortgage loans for refinancing decreased by 15.5% to HK$4.8 billion.
Mortgage loans drawn down during February decreased by 20.2% compared with January to HK$18.7 billion.
The ratio of new mortgage loans priced with reference to HIBOR increased from 80.2% in January to 87.1% in February. The ratio of new mortgage loans priced with reference to best lending rates decreased from 16.7% in January to 10.2% in February.
The outstanding value of mortgage loans increased month-on-month by 0.4% to HK$1,452.4 billion at end-February.
The mortgage delinquency ratio increased slightly to 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.
Hong Kong Monetary Authority
31 March 2020