Residential mortgage loans approved in November increased 4.8% compared with October to $51.4 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 13.1% to $14 billion, while those financing secondary market transactions fell 3.1% to $26.1 billion.

Those for refinancing increased 16.3% to $11.2 billion.

Mortgage loans drawn down during the month rose 4.7% to $33.4 billion.

The number of mortgage applications in November increased month-on-month by 13.1% to 12,828.

The outstanding value of mortgage loans rose month-on-month by 0.7% to $1.719 trillion at the end of November.