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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for October 2014.
The number of mortgage applications in October increased month-on-month by 5.2 per cent to 11 698.
Mortgage loans approved in October increased by 6.8 per cent compared with September to HK$28.4 billion. Among these, mortgage loans financing primary market transactions increased by 15.3 per cent to HK$7.9 billion and those financing secondary market transactions increased by 2.3 per cent to HK$15.9 billion. Mortgage loans for refinancing increased by 9.8 per cent to HK$4.5 billion.
Mortgage loans drawn down during October decreased by 1 per cent compared with September to HK$23.1 billion.
New mortgage loans priced with reference to best lending rates decreased from 14.9 per cent in September to 13.4 per cent in October with majority priced within the range of 2 per cent and 2.25 per cent. New mortgage loans priced with reference to HIBOR increased from 82.6 per cent in September to 84.7 per cent in October.
The outstanding value of mortgage loans increased month-on-month by 1.1 per cent to HK$966.8 billion at end-October.
The mortgage delinquency ratio remained unchanged at 0.02 per cent and the rescheduled loan ratio remained unchanged at nearly 0 per cent.
Ends/Friday, November 28, 2014
Issued at HKT 16:51
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