Residential mortgage loans approved in December fell 20.7% compared with the previous month to $23.5 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions decreased 25.2% to $6.5 billion while those financing secondary market transactions dropped 12.5% to $7.7 billion.

Those for refinancing fell 23.3% to $9.3 billion.

Mortgage loans drawn down during the month decreased 17.6% to $21.3 billion.

The number of mortgage applications in December fell 21.2% month-on-month to 7,435.

The outstanding value of mortgage loans increased 0.4% month-on-month to $1.3113 trillion at the end of December.