The following is issued on behalf of the Hong Kong Monetary Authority:
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 per cent to 5,070.
Mortgage loans approved in February decreased by 15 per cent compared with January to HK$17.9 billion. Among these, mortgage loans financing primary market transactions decreased by 15 per cent to HK$5.3 billion and those financing secondary market transactions decreased by 15.2 per cent to HK$9.6 billion. Mortgage loans for refinancing decreased by 14.3 per cent to HK$3.1 billion.
Mortgage loans drawn down during February decreased by 29 per cent compared with January to HK$11.4 billion.
The ratio of new mortgage loans priced with reference to HIBOR increased from 93.4 per cent in January to 94 per cent in February. The ratio of new mortgage loans priced with reference to best lending rates increased from 1.6 per cent in January to 2 per cent 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 per cent and the rescheduled loan ratio remained unchanged at nearly 0 per cent.
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