Approved mortgage loans soar 20.3% MoM in May

The increase was likely due to the uptick in applications during the same month.

Approved residential mortgage loans increased 20.3% MoM to $42.6b in May, the Hong Kong Monetary Authority (HKMA) reported. 

The increase was likely due to the 13.9% MoM uptick in mortgage applications in the same month. There were 9,530 applications in May/

Of the total mortgage loans, $13.5b (+39.9% MoM) and $22.4b (+5.2% MoM) were used to finance primary and secondary market transactions, respectively.

The remaining $6.7b (+50.2% MoM) was used for refinancing.

After adding the approved May applications, the outstanding value of mortgage loans reached $1.8289t, up 0.3% from April.