HKMA Reports July 2024 Residential Mortgage Survey Results

The
Hong
Kong
Monetary
Authority
(HKMA)
has
published
the
results
of
its
residential
mortgage
survey
for
July
2024,
revealing
several
key
trends
in
the
market.

Increase
in
Mortgage
Applications

According
to
the
HKMA,
the
number
of
mortgage
applications
in
July
2024
saw
a
month-on-month
increase
of
0.7%,
reaching
a
total
of
6,740
applications.
This
slight
uptick
indicates
a
steady
demand
for
residential
mortgages
in
the
region.

Approval
and
Loan
Trends

Mortgage
loans
approved
in
July
grew
by
1.5%
from
the
previous
month,
amounting
to
HK$24.8
billion.
Of
these,
loans
for
primary
market
transactions
increased
by
0.7%
to
HK$8.6
billion.
However,
loans
for
secondary
market
transactions
saw
a
minor
decline
of
1%,
totaling
HK$13.7
billion.
Notably,
mortgage
loans
for
refinancing
surged
by
21.5%
to
HK$2.5
billion.

Drawdowns
and
Interest
Rates

Despite
the
increase
in
approvals,
the
actual
drawdown
of
mortgage
loans
in
July
fell
by
32.3%
compared
to
June,
amounting
to
HK$16.4
billion.
The
ratio
of
new
mortgage
loans
priced
with
reference
to
the
Hong
Kong
Interbank
Offered
Rate
(HIBOR)
slightly
decreased
from
90.4%
in
June
to
89.8%
in
July.
Conversely,
the
ratio
of
new
mortgage
loans
priced
with
reference
to
best
lending
rates
rose
from
4.3%
in
June
to
4.6%
in
July.

Outstanding
Loans
and
Delinquency
Ratios

The
outstanding
value
of
mortgage
loans
experienced
a
marginal
increase
of
0.1%,
reaching
HK$1,868
billion
by
the
end
of
July.
Meanwhile,
the
mortgage
delinquency
ratio
remained
stable
at
0.1%,
and
the
rescheduled
loan
ratio
continued
to
hover
near
0%.

For
more
detailed
information,
the
complete
survey
results
can
be
accessed
on
the

Hong
Kong
Monetary
Authority
website.

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source:
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