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According to the 23 authorized institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage loans drawn down during May rose by 12.9% to HK$10.0 billion.
New loans approved by the AIs also increased by 19.7% to HK$13.7 billion. Those related to primary market transactions increased significantly by 91.0% (+HK$1,543 million). Approvals for secondary market transactions and refinancing loans increased by 9.6% (+HK$699 million) and 0.8% (+HK$19 million) respectively.
The most commonly used interest rate band for new approvals in May continued to be more than 2.5% below the best lending rate. It was used in 65.3% of new approvals in May compared with 65.8% in April.
The outstanding value of mortgage loans was broadly unchanged at HK$525.9 billion.
The mortgage delinquency ratio edged up to 0.20% from 0.19% from April. With the rescheduled loan ratio unchanged at 0.33%, the combined ratio was little changed at 0.53%.
For further enquiries, please contact:
Ying-ying Cheng, Manager (Press), at 2878 1687 or
Sara Yip, Manager (Press), at 2878 8246
Ends/Friday, June 23, 2006
Issued at HKT 16:31
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