Residential mortgage loans approved in August decreased 2.8% compared with July to $45.3 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions fell 3.6% to $10.9 billion, while those financing secondary market transactions dropped 4.7% to $16 billion.

Those for refinancing dipped 0.6% to $18.4 billion.

Mortgage loans drawn down during the month fell 10.2% to $36.6 billion.

The number of mortgage applications in August decreased month-on-month by 26.5% to 11,133.

The outstanding value of mortgage loans increased 1.1% to $1.4032 trillion at the end of August.