As mortgage applications dropped 26%.
Mortgage loans approved in December dropped 15.7% month-on-month to $32.5b, the Monetary Authority announced.
Mortgage loans financing primary market transactions decreased 10.5% to $8.2b, while those financing secondary market transactions dropped 22% to $15.1b. Those for refinancing dropped 8.1% to $9.1b.
Mortgage loans drawn down during the month increased 11.7% to $29.6b.
The number of mortgage applications decreased 26% to 10,505.
The outstanding value of mortgage loans rose 0.9% month-on-month to $1.1187tr at the end of December.
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