Residential mortgage loans approved in October decreased 6.7% compared with September to $34.6 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 3.2% to $5.4 billion, while those financing secondary market transactions fell 7.2% to $24.6 billion.

Those for refinancing decreased 7.8% to $4.6 billion.

Mortgage loans drawn down during the month fell 19.7% to $22.3 billion.

The number of mortgage applications in October decreased month-on-month by 11.2% to 10,908.

The outstanding value of mortgage loans increased month-on-month by 0.4% to $1.562 trillion at the end of October.