Residential mortgage loans approved in June increased 16.3% compared with May to $47.6 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions increased 28.6% to $8.4 billion, while those financing secondary market transactions rose 19% to $33.9 billion.

Those for refinancing decreased 10% to $5.3 billion.

Mortgage loans drawn down during the month increased 23.8% to $29.3 billion.

The number of mortgage applications in June decreased month-on-month by 7.9% to 13,829.

The outstanding value of mortgage loans rose 0.9% to $1.5149 trillion at the end of June.