New mortgage loans in Hong Kong declined eight percent to HK$10.6 billion (S$1.77 billion) in November, according to data released by the Hong Kong Monetary Authority (HKMA).

The data showed that the value of new loans approved last month dropped 4.7 percent to HK$11.9 billion (S$1.99 billion), while loans approved for new property climbed 0.9 percent to HK$2.2 billion (S$368.22 million) from the previous month.

Furthermore, the number of new loan applications climbed seven percent to 7,074 cases, while the outstanding value of mortgage loans surged 0.2 percent to HK$802.3 billion (S$134.27 billion).

Meanwhile, the proportion of new loans priced with reference to Hong Kong interbank offered rates (Hibor) fell to 19.2 percent in November from 28.1 percent in October, attributed to banks’ upward adjustments of mortgage rates.

 

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