Mortgage loans approved in December fell 22.3% compared with the previous month to $27.8 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 33.6% to $4.7 billion while those financing secondary market transactions dropped 16.3% to $15.6 billion.

Those for refinancing fell 25.6% to $7.5 billion.

Mortgage loans drawn down during the month decreased 12.1% to $23.2 billion.

The number of mortgage applications in December dropped month-on-month by 14.2% to 10,520.

The outstanding value of mortgage loans rose month-on-month by 0.6% to $1.205 trillion at the end of December.