Mortgage Loans Down 13.5%

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Residential mortgage loans approved in November decreased 13.5% compared with October to $28.2 billion, the Monetary Authority announced today.


Mortgage loans financing primary market transactions fell 29.2% to $6.5 billion, while those financing secondary market transactions increased 17.2% to $15 billion.


Those for refinancing dipped 37% to $6.7 billion.


Mortgage loans drawn down during the month fell 16.1% to $22.1 billion.


The number of mortgage applications in November increased month-on-month by 1.2% to 9,412.


The outstanding value of mortgage loans increased 0.5% to $1.4292 trillion at the end of November.