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Home»ADOPTION NEWS»HKMA Reports Results of Housing Mortgage Survey for July 2024
ADOPTION NEWS

HKMA Reports Results of Housing Mortgage Survey for July 2024

By Crypto FlexsAugust 30, 20242 Mins Read
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HKMA Reports Results of Housing Mortgage Survey for July 2024
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Louisa Crawford
30 Aug 2024 18:22

The Hong Kong Monetary Authority (HKMA) reported that home loan applications increased by 0.7% in July 2024, with significant trends in home loan originations and delinquency rates.





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

Increase in mortgage applications

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

Approvals and Loan Trends

In July, the approved housing loans increased by 1.5% month-on-month to HK$24.8 billion. Of these, primary market loans increased by 0.7% to HK$8.6 billion. However, secondary market loans decreased by 1% to HK$13.7 billion. In particular, housing loans for refinancing increased by 21.5% to HK$2.5 billion.

Withdrawals and Interest Rates

Despite the increase in approvals, actual mortgage loan outflows in July fell 32.3% from June to HK$16.4 billion. The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) slightly decreased from 90.4% in June to 89.8% in July. Conversely, the proportion of new mortgage loans priced based on the highest lending rate increased from 4.3% in June to 4.6% in July.

Unpaid loans and delinquency rates

The outstanding value of residential mortgage loans experienced a slight increase of 0.1%, reaching HK$186.8 billion by the end of July. Meanwhile, the residential mortgage delinquency rate remained stable at 0.1%, and the restructuring loan ratio continued to be close to 0%.

If you would like more detailed information, the full survey results can be found on the Hong Kong Monetary Authority website.

Image source: Shutterstock


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