The Monetary Authority's monthly survey of residential mortgage lending shows new loans drawn down in November dropped 28.4%, to $8.1 billion.

New approvals were also down by 37.9%, to $8.5 billion. Approvals for primary market transactions fell by $400 million, or 24.7%. Approvals for secondary market transactions by $3.5 billion, or 37.4%, and approvals for refinancing loans by $1.3 billion, or 49.1%. The number of new applications fell by 20.6%.

The proportion of new loans approved at more than 2.5% below the best lending rate fell to 15% from 51.7% in October. The outstanding value of mortgage loans remained little changed at $600 billion. 

The mortgage delinquency ratio remained unchanged at 0.05%, and the rescheduled loan ratio remained at 0.13%.  The combined ratio remained at a record low of 0.18%.