Residential Mortgage Survey Results for April 2024

The number of mortgage applications in Hong Kong increased by 11.7% month-over-month in April 2024, reaching 9,629. Mortgage loans approved during the month saw a significant jump of 52.4% compared to March, totaling HK$29 billion. This included a 64.8% rise in mortgage loans for primary market transactions to HK$11.1 billion and a 64.2% increase in loans for secondary market transactions to HK$15.3 billion. However, mortgage loans for refinancing declined by 12.7% to HK$2.6 billion. The total value of mortgage loans drawn down in April also increased, rising 9.9% from March to HK$13 billion. The ratio of new mortgage loans priced against HIBOR fell slightly from 93.1% in March to 93% in April, while the ratio of loans priced against best lending rates decreased from 2.5% to 2.2%. The outstanding value of mortgage loans remained largely unchanged in April, standing at HK$1,853.2 billion at the end of the month. Importantly, the mortgage delinquency ratio and rescheduled loan ratio both held steady at 0.09% and nearly 0% respectively, indicating continued stability in mortgage loan performance. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240531-7/