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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 2016.
The number of mortgage applications in March increased month-on-month by 52.9% to 7,446.
Mortgage loans approved in March increased by 20.5% compared with February to HK$15.4 billion. Among these, mortgage loans financing primary market transactions decreased by 7.9% to HK$3.1 billion and those financing secondary market transactions increased by 39.4% to HK$8 billion. Mortgage loans for refinancing increased by 17.2% to HK$4.2 billion.
Mortgage loans drawn down during March increased by 45% compared with February to HK$15.2 billion.
The ratio of new mortgage loans priced with reference to best lending rates decreased from 14.2% in February to 12.6% in March, with the majority priced within the range of 2% and 2.25%. The ratio of new mortgage loans priced with reference to HIBOR decreased from 77.4% in February to 76.1% in March. The ratio of mortgage loans priced at fixed rates increased from 7% in February to 9.2% in March.
The outstanding value of mortgage loans increased month-on-month by 0.3% to HK$1,079.5 billion at end-March.
The mortgage delinquency ratio remained unchanged at 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%.
Ends/Friday, April 29, 2016
Issued at HKT 17:31
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