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Residential Mortgage Survey Results for November 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 November increased by 17.5% to HK$18.7 billion. New loans approved rose by 20.5% to HK$27.7 billion. The increase was due to increase of HK$6.2 billion (+39.4%) in approvals for secondary market transactions, which more than offset the HK$1.4 billion (-33.4%) decrease in approvals for primary market transactions and the HK$0.1 billion (-3.3%) decrease in approvals for refinancing loans. The number of new applications also increased by 3.9%. The proportion of new loans approved at more than 2.5% below the best lending rate decreased to 90.9% from 94.0% in October, as the proportion of new approvals for HIBOR-based loans1 increased. The outstanding value of mortgage loans increased by 0.9% to HK$554.6 billion. The mortgage delinquency ratio and rescheduled loan ratio fell to record lows of 0.11% and 0.20% respectively, driving the combined ratio lower to 0.32%2.
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Hong Kong Monetary Authority
1
Mortgage loans priced
with reference to Hong Kong Interbank Offered Rates. The precise
terms of these loans vary between AIs, with some subject to an
interest rate cap with reference to their own prime rates, while
others may switch to another reference rate at some point during
the life of the loan.  |