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Hong Kong Mortgage Applications Decline
Recently, the Hong Kong Monetary Authority (HKMA) released its residential mortgage survey results for May 2024, indicating a significant drop in mortgage applications. According to the report, the number of applications decreased by 16.1% month-on-month, with a total of 8,077 applications.
Insights into Approved Mortgage Loans
Despite the decline in applications, approved mortgage loans saw an 8.8% increase in May compared to April, totaling HK$31.6 billion. Notably, loans for primary market transactions rose by 3.7% to HK$11.5 billion, while secondary market transactions climbed by 14.9% to HK$17.6 billion. However, refinancing loans experienced a slight decline of 4.8%, totaling HK$2.5 billion.
Significant Surge in Drawn Down Mortgage Loans
The amount of mortgage loans drawn down surged by 27% in May, reaching HK$16.5 billion. This indicates a robust uptake in the actual disbursement of approved loans, highlighting a positive trend in the market.
Analysis of Loan Pricing Trends
In terms of loan pricing, there was a shift observed in May. The ratio of new mortgage loans priced with reference to the Hong Kong Interbank Offered Rate (HIBOR) slightly decreased from 93% in April to 92% in May. Conversely, loans priced with reference to best lending rates increased from 2.2% to 3.5% during the same period.
Stability in Outstanding Mortgage Loans
Despite the fluctuations in application and approval rates, the outstanding value of mortgage loans saw a minor increase of 0.2% in May, reaching HK$1,856.1 billion. Moreover, both the delinquency ratio and rescheduled loan ratio remained stable, reflecting a healthy lending environment.
For in-depth insights and detailed analysis, you can access the full report on the official HKMA website here.
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