May saw a 19.7% rise in the new mortgage loans approved, to $13.7 billion. Those related to primary-market transactions rose 91%, or $1.54 billion, according to the Monetary Authority's monthly survey.

Approvals for secondary-market transactions also went up 9.6%, or $699 million, while refinancing loans rose 0.8%, or $19 million.

The most commonly used interest-rate band for new approvals in May continued to be more than 2.5% below the best lending rate. It was used in 65.3% of new approvals in May compared with 65.8% in April.

New mortgage loans drawn down during the month rose 12.9% to $10 billion.

The outstanding value of mortgage loans was broadly unchanged at $525.9 billion. The mortgage-delinquency ratio edged up to 0.2% from 0.19% in April. With the rescheduled-loan ratio unchanged at 0.33%, the combined ratio was little changed at 0.53%.