Residential mortgage loans approved in May increased 11.6% compared with April to $56.7 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 4.9% to $7.2 billion, while those financing secondary market transactions rose 11.2% to $40.6 billion.

Those for refinancing increased 32.9% to $8.8 billion.

Mortgage loans drawn down during the month rose 21.1% to $35.7 billion.

The number of mortgage applications in May decreased month-on-month by 4% to 15,904.

The outstanding value of mortgage loans increased month-on-month by 1% to $1.631 trillion at the end of May.