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%.
Hong Kong Monetary Authority 2025-02-28
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%.