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Residential Mortgage Survey Results for June 2008 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 June 2008 decreased by 3.1% to HK$16.7 billion compared with May 2008. New loans approved increased by 3.1% to HK$22.1 billion. The increase was mainly due to an increase of HK$1.1 billion (+7.0%) in approvals for secondary market transactions, which more than offset a decrease of HK$0.4 billion (-17.6%) in approvals for primary market transactions. The amount of refinancing loans approved during the month edged up slightly to HK$3.9 billion (+1.1%). The number of new applications decreased by 11.6%. The proportion of new loans approved at more than 2.5% below the best lending rate increased to 86.3% from 84.8% in May. The outstanding value of mortgage loans increased by 0.7% to HK$589.7 billion. The mortgage delinquency ratio declined to 0.06% while the rescheduled loan ratio remained unchanged at 0.15%. The combined ratio declined to a record low of 0.21% from 0.22% in May.
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