Residential mortgage loans approved in January rose 18.9% compared with the previous month to $28 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 11.1% to $7.2 billion while those financing secondary market transactions rose 40.7% to $10.9 billion.

Those for refinancing increased 6.4% to $9.9 billion.

Mortgage loans drawn down during the month rose 39.7% to $29.8 billion.

The number of mortgage applications in January climbed 54.6% month-on-month to 11,496.

The outstanding value of mortgage loans increased 1% month-on-month to $1.3247 trillion at the end of January.