Residential mortgage survey results for August 2014

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 August 2014.

     The number of mortgage applications in August decreased month-on-month by 7.9% to 11,719.

     Mortgage loans approved in August decreased by 3.2% compared with July to HK$27.4 billion. Among these, mortgage loans financing primary market transactions increased by 1.8% to HK$6.9 billion and those financing secondary market transactions decreased by 6.4% to HK$16.6 billion. Mortgage loans for refinancing increased by 2.9% to HK$3.9 billion.

     Mortgage loans drawn down during August increased by 1.4% compared with July to HK$18.9 billion.

     New mortgage loans priced with reference to best lending rates decreased from 17.4% in July to 15.7% in August with majority priced within the range of 2% and 2.25%. New mortgage loans priced with reference to HIBOR increased from 80.2% in July to 81.9% in August.

     The outstanding value of mortgage loans increased month-on-month by 0.7% to HK$946.6 billion at end-August.

     The mortgage delinquency ratio remained unchanged at 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.

Ends/Friday, September 26, 2014
Issued at HKT 17:05