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Residential Mortgage Survey Results for October 2007 According to the 23 authorized institutions (AIs) which participate in the HKMA’s monthly survey of residential mortgage lending, new mortgage loans drawn down during October increased by 6.4% to HK$15.9 billion. New loans approved rose by 52.0% to HK$22.9 billion. The increase was due to increases in approvals for all types of property transaction. Approvals for primary market transactions increased by HK$1.1 billion or 37.4%, secondary market transactions by HK$6.0 billion or 62.1%, and refinancing loans by HK$0.7 billion or 29.9%. The number of new applications also increased by 47.0%. The proportion of new loans approved at more than 2.5% below the best lending rate increased to 94.0% from 92.5% in September. The outstanding value of mortgage loans increased by 0.7% to HK$549.5 billion. The mortgage delinquency ratio and rescheduled loan ratio fell to record lows of 0.12% and 0.21% respectively, driving the combined ratio lower to 0.33%.
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