Mortgage loans dip 2.6%

Residential mortgage loans approved in September decreased 2.6% compared with August to $52.9 billion, the Monetary Authority announced today.   Mortgage loans financing primary market transactions rose 21.4% to $9.1 billion, while those financing secondary market transactions fell 9.8% to $32.7 billion.   Those for refinancing increased 5.1% to $11.1 billion.   Mortgage loans drawn down during the month rose 1.7% to $40.3 billion.   The number of mortgage applications in September decreased month-on-month by 4.3% to 13,327.   The outstanding value of mortgage loans increased month-on-month by 1% to $1.697 trillion at the end of September.

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