Luisa Crawford
Aug 30, 2024 18:22
The Hong Kong Financial Authority (HKMA) stories a 0.7% enhance in mortgage functions for July 2024, together with vital tendencies in mortgage loans and delinquency ratios.
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.
Picture supply: Shutterstock
