Mortgage loans drop 25.3% MoM in December 2023

The value of mortgage loans approved in December was $18.3b.

The value of residential mortgage loans approved in December 2023 declined 25.3% YoY to $18.3b, data from the Monetary Authority showed.

Mortgage loans financing primary market transactions dropped 16.3% to $5.2b, whilst those financing secondary market transactions dropped 5.1% to $8.9b. 

In addition, refinancing loans dropped 52.6% to $4.3b.

December also saw mortgage loans drawn down drop 23.4% to $12.4b and the number of mortgage applications decline by 20.5% to 4,768.

By the end of December 2023, the outstanding value of mortgage loans fell 0.1% to $1.85t.