Residential mortgage loans approved in April decreased 2.1% compared with March to $32.4 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 23.9% to $5.9 billion, while those financing secondary market transactions increased 9.1% to $20.7 billion.

Those for refinancing fell 9% to $5.9 billion.

Mortgage loans drawn down during the month decreased 16.6% to $17.3 billion.

The number of mortgage applications in April fell month-on-month by 16.8% to 10,838.

The outstanding value of mortgage loans increased 0.3% to 1.4643 trillion at the end of April.