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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for March 2015.
The number of mortgage applications in March was 10,437, which was similar to that in February given the low-base effect owing to the Chinese New Year holidays in February. Compared with January, the number of mortgage applications in March declined by 23.3%.
Mortgage loans approved in March increased by 5.3% compared with February to HK$28.1 billion. Among these, mortgage loans financing primary market transactions increased by 15.3% to HK$6.9 billion and those financing secondary market transactions decreased by 2.1% to HK$15.6 billion. Mortgage loans for refinancing increased by 17.3% to HK$5.6 billion.
Mortgage loans drawn down during March increased by 82% compared with February to HK$29.2 billion. The increase reflected rise in residential property transactions early this year, and was attributable to the low-base effect owing to the Chinese New Year holidays in February.
New mortgage loans priced with reference to best lending rates decreased from 12.8% in February to 12.5% in March with majority priced within the range of 2% and 2.25%. New mortgage loans priced with reference to HIBOR increased from 85.4% in February to 85.5% in March.
The outstanding value of mortgage loans increased month-on-month by 1.4% to HK$1,011.7 billion at end-March.
The mortgage delinquency ratio remained unchanged at 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.
Ends/Thursday, April 30, 2015
Issued at HKT 16:33
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