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The value of new residential mortgage loans drawn down in December grew 14.3% to $21.4 billion, the Monetary Authority says.
New loans approved fell 17.6% to $22.8 billion following the fall in approvals for all types of property transactions. Approvals for primary market transactions fell by $1 billion, secondary market transactions by $3.3 billion and refinancing loans by $700 million. The number of new applications also dipped 22.5%.
The proportion of new loans approved at more than 2.5% below the best lending rate dropped to 87.9% from 90.9% in November, while the proportion of new approvals with reference to Hong Kong Interbank Offered Rates rose.
The outstanding value of mortgage loans rose 0.6% to $557.9 billion.
The mortgage delinquency ratio was stable at 0.11% and the rescheduled loan ratio at 0.2%. The combined ratio fell to a record low of 0.31%.
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