July 2024 Residential Mortgage Survey Results Reported by HKMA 🏠

Overview of Recent Mortgage Trends in Hong Kong 🏠

The Hong Kong Monetary Authority (HKMA) has released data on mortgage activity for July 2024, providing insights into the latest trends shaping the residential real estate market in the region.

Increase in Mortgage Applications 📈

In July 2024, there was a 0.7% month-on-month increase in mortgage applications, totaling 6,740 applications.
This slight rise indicates a consistent demand for residential mortgages in Hong Kong.

Approval and Loan Trends 💳

Mortgage loans approved in July increased by 1.5% compared to the previous month, reaching HK$24.8 billion.
Loans for primary market transactions grew by 0.7% to HK$8.6 billion, while loans for secondary market transactions decreased slightly to HK$13.7 billion.
Refinancing loans surged by 21.5% to HK$2.5 billion, indicating a significant trend in the market.

Drawdowns and Interest Rates 📉

Despite the rise in approvals, the actual drawdown of mortgage loans in July decreased by 32.3% compared to the previous month.
The ratio of new mortgage loans priced with reference to HIBOR decreased slightly, while loans priced with reference to best lending rates increased.

Outstanding Loans and Delinquency Ratios 💸

The outstanding value of mortgage loans in Hong Kong increased marginally to HK$1,868 billion by the end of July.
The mortgage delinquency ratio remained stable at 0.1%, indicating a healthy repayment behavior among borrowers.
The rescheduled loan ratio remained close to 0%, reflecting a stable market environment.

Accessing Complete Survey Results 📊

For more detailed information on the mortgage survey results from July 2024, you can visit the official website of the Hong Kong Monetary Authority.

Hot Take: Stay Informed, Stay Ahead! 🚀

Keeping tabs on the latest mortgage trends can provide valuable insights for your real estate investments. Stay updated with the dynamic market conditions to make informed decisions and seize opportunities in the ever-evolving landscape of Hong Kong’s housing market.