Residential mortgage loans approved in August increased 26.9% compared with July to $35.6 billion, the Monetary Authority announced today.

Mortgage loans financing primary market transactions dropped 19.8% to $4.7 billion, while those financing secondary market transactions rose 7.6% to $14.4 billion.

Loans for refinancing increased 86.9% to $16.6 billion.

Mortgage loans drawn down during the month dipped 20.5% to $20.9 billion.

The number of mortgage applications in August stood at 8,617, representing a month-on-month increase of 6.6%.

The value of outstanding mortgage loans rose 0.2% to stand at $ 1.8544 trillion at the end of August.