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New mortgage loans drawn down in September rose 17% to $23.3 billion, while new loans approved fell 2.5% to $33.3 billion, according to a Monetary Authority monthly survey.
The drop in approved new loans was mainly due to a reduction of $1.2 billion, or 24.6%, in primary market transactions and of $800 million, or 3.4%, in approvals for secondary market transactions.
Approvals for refinancing loans grew by $1.2 billion, or 26.1%. New applications also rose to 19,519 from 19,441 in August.
The proportion of new loans approved at more than 2.5% below the best lending rate fell to 42% from 47% in August, while the proportion of new approvals priced with reference to rates other than the best lending rate rose to 54.5% from 49.8% over the same period.
The outstanding value of mortgage loans grew 1.3%, to $626 billion. The mortgage delinquency ratio and the rescheduled loan ratio remained stable at 0.05% and 0.11% in September.
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