Residential mortgage loans approved in May increased 30.1% compared with the previous month to $52.3 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 48.9% to $12.5 billion while those financing secondary market transactions climbed 23.5% to $26.2 billion.

Those for refinancing went up 28.3% to $13.6 billion.

Mortgage loans drawn down during the month increased 58% to $33.6 billion.

The number of mortgage applications in May rose 16.2% month-on-month to 17,456.

The outstanding value of mortgage loans increased 1% month-on-month to $1.351 trillion at the end of May.