HKMA Reports July 2024 Residential Mortgage Survey Results

The Hong Kong Financial Authority (HKMA) has revealed the outcomes of its residential mortgage survey for July 2024, revealing a number of key tendencies out there.

Improve in Mortgage Purposes

In line with the HKMA, the variety of mortgage functions in July 2024 noticed a month-on-month enhance of 0.7%, reaching a complete of 6,740 functions. This slight uptick signifies a gradual demand for residential mortgages within the area.

Approval and Mortgage Traits

Mortgage loans authorised in July grew by 1.5% from the earlier month, amounting to HK$24.8 billion. Of those, loans for main market transactions elevated by 0.7% to HK$8.6 billion. Nonetheless, loans for secondary market transactions noticed a minor decline of 1%, totaling HK$13.7 billion. Notably, mortgage loans for refinancing surged by 21.5% to HK$2.5 billion.

Drawdowns and Curiosity Charges

Regardless of the rise in approvals, the precise drawdown of mortgage loans in July fell by 32.3% in comparison with June, amounting to HK$16.4 billion. The ratio of latest mortgage loans priced as regards to the Hong Kong Interbank Provided Fee (HIBOR) barely decreased from 90.4% in June to 89.8% in July. Conversely, the ratio of latest mortgage loans priced as regards to finest lending charges rose from 4.3% in June to 4.6% in July.

Excellent Loans and Delinquency Ratios

The excellent worth of mortgage loans skilled a marginal enhance of 0.1%, reaching HK$1,868 billion by the top of July. In the meantime, the mortgage delinquency ratio remained steady at 0.1%, and the rescheduled mortgage ratio continued to hover close to 0%.

For extra detailed info, the entire survey outcomes may be accessed on the Hong Kong Financial Authority web site.

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