Residential mortgage survey results for October 2013

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 October 2013.

     Mortgage loans drawn down during October decreased by 3.6% compared with September to HK$11.2 billion.

     Mortgage loans approved in October increased by 10.3% compared with September to HK$14.9 billion. Among these, mortgage loans financing primary market transactions increased by 29.2% to HK$3.6 billion and those financing secondary market transactions increased by 5.3% to HK$8.6 billion. Mortgage loans for refinancing also increased by 6.3% to HK$2.8 billion.

     The number of mortgage applications in October increased by 14.1% month-on-month to 8,587.

     New mortgage loans priced with reference to best lending rates decreased from 72.7% in September to 71.7% in October, with majority priced within the range of 2% and 2.25%. New mortgage loans priced with reference to HIBOR increased from 25.6% in September to 26.3% in October.

     The outstanding value of mortgage loans increased month-on-month by 0.2% to HK$901.9 billion at end-October.

     The mortgage delinquency ratio decreased slightly from 0.02% in September to 0.01% in October. The rescheduled loan ratio remained unchanged at nearly 0%.

Ends/Friday, November 29, 2013
Issued at HKT 17:45