The Hong Kong Monetary Authority (“HKMA”) announced the results of the residential mortgage survey for May 2020.
The number of mortgage applications in May increased month-on-month by 38.4% to 15,019.
Mortgage loans approved in May increased by 26% compared with April to HK$41 billion. Among these, mortgage loans financing primary market transactions increased by 11.2% to HK$6.5 billion and those financing secondary market transactions increased by 37.6% to HK$28.5 billion. Mortgage loans for refinancing decreased by 0.1% to HK$5.9 billion.
Mortgage loans drawn down during May increased by 36.4% compared with April to HK$23.6 billion.
The ratio of new mortgage loans priced with reference to HIBOR increased from 90.5% in April to 91% in May. The ratio of new mortgage loans priced with reference to best lending rates decreased from 6.4% in April to 5.7% in May.
The outstanding value of mortgage loans increased month-on-month by 0.6% to HK$1,502.1 billion at end-May.
The mortgage delinquency ratio increased slightly to 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%.
Source: Hong Kong Monetary Authority
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