****************************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for January 2016.
The number of mortgage applications in January 2016 decreased month-on-month by 2.3% to 6 440.
Mortgage loans approved in January 2016 decreased by 1.9% compared with December 2015 to HK$15.6 billion. Among these, mortgage loans financing primary market transactions decreased by 1.4% to HK$4.9 billion and those financing secondary market transactions decreased by 3.3% to HK$6.6 billion. Mortgage loans for refinancing decreased by 0.2% to HK$4.1 billion.
Mortgage loans drawn down during January 2016 decreased by 2.8% compared with December 2015 to HK$12.5 billion.
The ratio of new mortgage loans priced with reference to best lending rates increased from 11.1% in December 2015 to 11.4% in January 2016, with the majority priced within the range of 2% and 2.25%. The ratio of new mortgage loans priced with reference to HIBOR decreased from 79.7% in December 2015 to 77.2% in January 2016. The ratio of mortgage loans priced at fixed rates decreased from 7.9% in December 2015 to 7.5% in January 2016.
The outstanding value of mortgage loans increased month-on-month by 0.2% to HK$1,075.7 billion at end-January 2016.
The mortgage delinquency ratio remained unchanged at 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.
Ends/Monday, February 29, 2016
Issued at HKT 17:38
NNNN