May 2024 2

The Hong Kong Monetary Authority announced the results of the residential mortgage survey for March 2024.

The number of mortgage applications in March increased month-on-month by 70.1% to 8,622.  

Mortgage loans approved in March increased by 6.2% compared with February to HK$19.1 billion.  Among these, mortgage loans financing primary market transactions increased by 27% to HK$6.8 billion and those financing secondary market transactions decreased by 2.7% to HK$9.3 billion.  Mortgage loans for refinancing decreased by 2.3% to HK$3 billion. 

Mortgage loans drawn down during March increased by 3.8% compared with February to HK$11.8 billion. 

The ratio of new mortgage loans priced with reference to HIBOR decreased from 94% in February to 93.1% in March.  The ratio of new mortgage loans priced with reference to best lending rates increased from 2% in February to 2.5% in March.

The outstanding value of mortgage loans remained virtually unchanged in March, standing at HK$1,853.4 billion at end-March. 

The mortgage delinquency ratio remained unchanged at 0.09% and the rescheduled loan ratio remained unchanged at nearly 0%.

Source:The Hong Kong Monetary Authority (2024.4.30)

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