The Hong Kong Monetary Authority announced the results of the residential mortgage survey for February 2024.
The number of mortgage applications in February decreased month-on-month by 22.3% to 5,070.
Mortgage loans approved in February decreased by 15% compared with January to HK$17.9 billion. Among these, mortgage loans financing primary market transactions decreased by 15% to HK$5.3 billion and those financing secondary market transactions decreased by 15.2% to HK$9.6 billion. Mortgage loans for refinancing decreased by 14.3% to HK$3.1 billion.
Mortgage loans drawn down during February decreased by 29% compared with January to HK$11.4 billion.
The ratio of new mortgage loans priced with reference to HIBOR increased from 93.4% in January to 94% in February. The ratio of new mortgage loans priced with reference to best lending rates increased from 1.6% in January to 2% in February.
The outstanding value of mortgage loans remained virtually unchanged in February, standing at HK$1,853.3 billion at end-February.
The mortgage delinquency ratio increased slightly to 0.09% and the rescheduled loan ratio remained unchanged at nearly 0%.
Source: The Hong Kong Monetary Authority (2024.3.28)
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