The Hong Kong Monetary Authority published the residential mortgage survey results for December 2024, showing a sharp fall in mortgage applications alongside higher approvals and drawdowns. Outstanding mortgage lending was broadly unchanged and delinquency indicators remained low. Mortgage applications fell 21.1% month on month to 6,306, while mortgage loans approved rose 5.4% to HKD 25.5 billion, driven by primary market financing up 8.7% to HKD 8.6 billion, secondary market financing up 0.5% to HKD 13.8 billion, and refinancing up 21.1% to HKD 3.1 billion. Loans drawn down increased 24.5% to HKD 13.3 billion. New mortgages priced with reference to HIBOR eased to 91.3% (from 92.2%), while those priced with reference to best lending rates rose to 4.1% (from 2.6%). Outstanding mortgage loans stood at HKD 1,870.6 billion at end-December; the mortgage delinquency ratio was 0.11% and the rescheduled loan ratio was nearly 0%.
Hong Kong Monetary Authority 2025-01-28
Hong Kong Monetary Authority releases December 2024 residential mortgage survey showing applications down 21.1% and approvals up to HKD 25.5 billion
The Hong Kong Monetary Authority's December 2024 residential mortgage survey revealed a 21.1% drop in mortgage applications to 6,306, despite a 5.4% increase in approvals to HKD 25.5 billion. Loans drawn down rose 24.5% to HKD 13.3 billion, with outstanding mortgage lending stable at HKD 1,870.6 billion. Delinquency indicators remained low, with a mortgage delinquency ratio of 0.11% and a rescheduled loan ratio near 0%.