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According to the 23 authorised institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage loans drawn down during November were little changed at HK$7.8 billion.
New loans approved by the AIs decreased by 9.4% to HK$8.7 billion with the HK$1,392 million decrease in approvals for secondary market transactions more than offsetting the increases in approvals for primary market transactions and refinancing of HK$414 million and HK$77 million respectively. The number of new applications decreased further, by 4.2%.
The proportion of new loan approvals priced at more than 2.25% and up to 2.5% below the best lending rate increased to 39.0% from 33.3% in October, and continued to be the most commonly used interest rate band for new approvals in November. The share of new approvals for fixed rate mortgages contracted markedly, to 1.0% from 8.4% in October.
The outstanding value of mortgage loans decreased by 0.3% to HK$535.2 billion.
The mortgage delinquency ratio edged down to 0.18% from 0.19% a month earlier. With the rescheduled loan ratio remaining unchanged at 0.35%, the combined ratio improved to 0.53% from 0.54% in October.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Ends/Wednesday, December 28, 2005
Issued at HKT 16:31
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