Residential mortgage loans approved in November increased 7.4% compared with October to $37.2 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 11.7% to $6.1 billion, while those financing secondary market transactions increased 7.5% to $26.5 billion.

Those for refinancing increased by 2% to $4.7 billion.

Mortgage loans drawn down during the month rose 14.7% to $25.5 billion.

The number of mortgage applications in November increased month-on-month by 4.3% to 11,375.

The outstanding value of mortgage loans increased month-on-month by 0.6% to $1.572 trillion at the end of November.