The Hong Kong Monetary Authority published the results of its residential mortgage survey for January 2025, showing a month-on-month rise in mortgage applications and drawdowns alongside a decline in approved loan value. Mortgage applications increased by 3.3% to 6,516. Mortgage loans approved fell by 2.1% to HKD 25.0 billion, with primary market approvals up 15.5% to HKD 10.0 billion, secondary market approvals down 11.7% to HKD 12.2 billion, and refinancing down 8.8% to HKD 2.9 billion. Mortgage loans drawn down rose by 17.6% to HKD 15.6 billion. Pricing for new mortgage loans shifted further towards HIBOR, with the HIBOR-referenced share increasing from 91.3% to 93.0% and the best lending rate-referenced share decreasing from 4.1% to 3.4%. Outstanding mortgage loans increased by 0.1% to HKD 1,872.9 billion at end-January, while the delinquency ratio remained at 0.12% and the rescheduled loan ratio stayed near 0%.
2025-02-28Hong Kong Monetary Authority
Hong Kong Monetary Authority reports January 2025 residential mortgage activity with higher applications and drawdowns but lower approvals
The Hong Kong Monetary Authority's January 2025 residential mortgage survey reported a 3.3% increase in mortgage applications and a 17.6% rise in drawdowns, despite a 2.1% decline in approved loan value to HKD 25.0 billion. Primary market approvals rose by 15.5%, while secondary market and refinancing approvals fell. The shift towards HIBOR-referenced pricing continued, with its share rising to 93.0%.