The value of residential mortgage loans approved in July was $24.8 billion, a 1.5% increase compared with June, the Monetary Authority announced today.

Mortgage loans financing primary market transactions rose 0.7% to $8.6 billion, while those financing secondary market transactions dipped 1% to $13.7 billion.

Loans for refinancing surged 21.5% to HK$2.5 billion.

Mortgage loans drawn down during July amounted to $16.4 billion, a 32.3% reduction from June.

The number of mortgage applications in July rose 0.7% month-on-month to 6,740.

The outstanding value of mortgage loans increased month-on-month by 0.1% to $1.868 trillion at the end of July.