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Home»ADOPTION NEWS»Hong Kong Monetary Authority reports 17.2% drop in Hong Kong mortgage applications in June 2024
ADOPTION NEWS

Hong Kong Monetary Authority reports 17.2% drop in Hong Kong mortgage applications in June 2024

By Crypto FlexsJuly 31, 20242 Mins Read
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Hong Kong Monetary Authority reports 17.2% drop in Hong Kong mortgage applications in June 2024
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Peter Zhang
July 31, 2024 11:58

The Hong Kong Monetary Authority (HKMA) reported that mortgage applications fell by 17.2 per cent in June 2024, while loan approvals also fell significantly.





The Hong Kong Monetary Authority (HKMA) has released its mortgage loan survey results for June 2024, revealing a significant decline in mortgage loan applications and approvals. According to the report, the number of mortgage loan applications fell by 17.2% month-on-month to 6,690.

Mortgage loan approvals decline

Mortgage loans approved in June totalled HK$24.5 billion, down 22.5 per cent from May. Of these, primary market loans fell 25.6 per cent to HK$8.6 billion, while secondary market loans fell 21.3 per cent to HK$13.8 billion. Refinance loans also fell 16.6 per cent to HK$2.1 billion.

Mortgage loan withdrawals increase

Despite a decline in applications and approvals, the amount of home mortgage loans withdrawn in June surged 46.9% month-on-month to HK$24.3 billion.

Changes in loan prices

The survey also highlighted changes in new home loan pricing. The proportion of new loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) fell from 92% in May to 90.4% in June. Conversely, the proportion of new loans priced based on the highest lending rate increased from 3.5% to 4.3% over the same period.

Default Mortgage Loans and Delinquency Rates

As of the end of June, the outstanding balance of housing loans increased slightly by 0.6% month-on-month to a total of HK$186.68 billion. The housing loan delinquency rate rose slightly to 0.1%, while the restructuring loan ratio remained virtually unchanged at 0%.

For further details, please refer to the official report of the Hong Kong Monetary Authority.

Image source: Shutterstock


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