Mortgage loans approved in February fell 14.7% compared with the previous month to $32.5 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 18.2% to $5.4 billion while those financing secondary market transactions dropped 13.2% to $19.8 billion.

Those for refinancing fell 16.2% to $7.2 billion.

Mortgage loans drawn down during the month decreased 23.3% to $21.1 billion.

The number of mortgage applications in February dropped 21.2% month-on-month to 11,166.

The outstanding value of mortgage loans rose 0.4% month-on-month to $1.2185 trillion.