Residential Mortgage Survey Results for January 2023

The Hong Kong Monetary Authority announced the results of the residential mortgage survey for January 2023.

The number of mortgage applications in January 2023 decreased month-on-month by 2.2% to 7,342.

Mortgage loans approved in January 2023 increased by 3.6% compared with December 2022 to HK$26.5 billion. Among these, mortgage loans financing primary market transactions decreased by 7.6% to HK$6.5 billion and those financing secondary market transactions increased by 17.2% to HK$14.7 billion. Mortgage loans for refinancing decreased by 11.8% to HK$5.3 billion.

Mortgage loans drawn down during January 2023 decreased by 21.1% compared with December 2022 to HK$17.2 billion.

The ratio of new mortgage loans priced with reference to HIBOR decreased from 67.5% in December 2022 to 67.4% in January 2023. The ratio of new mortgage loans priced with reference to best lending rates increased from 26% in December 2022 to 29.2% in January 2023.

The outstanding value of mortgage loans increased month-on-month by 0.2% to HK$1,814 billion at end-January 2023.

The mortgage delinquency ratio remained unchanged at 0.06% and the rescheduled loan ratio remained unchanged at nearly 0%.

Source: The Hong Kong Monetary Authority (2023.02.28)