Hong Kong Sees Decline in Mortgage Applications for November 2025

The Hong Kong Monetary Authority (HKMA) has released its latest residential mortgage survey, revealing a decline in mortgage activity for November 2025. The survey indicates a month-on-month decrease of 2.9% in the number of mortgage applications, totaling 8,019 for the month.

Decline in Approved Mortgage Loans

The total value of mortgage loans approved in November saw a significant reduction, falling by 7% compared to October, amounting to HK$29.1 billion. The breakdown of these figures highlights a 12.6% decrease in loans for primary market transactions, which totaled HK$10.8 billion. Secondary market transactions also experienced a decline, with mortgage loans decreasing by 2.3% to HK$15.6 billion. Additionally, loans for refinancing fell by 9.6% to HK$2.7 billion.

Decreased Loan Drawdowns

Mortgage loans drawn down in November amounted to HK$19.7 billion, reflecting a 2.3% decrease from October. There was also a shift in how new mortgage loans were priced. The proportion of loans priced with reference to the Hong Kong Interbank Offered Rate (HIBOR) decreased marginally from 91.9% in October to 90.7% in November. Similarly, loans priced with reference to the best lending rates dropped from 1.3% to 1.1%.

Outstanding Loans and Delinquency Rates

Despite the decline in applications and approvals, the outstanding value of mortgage loans saw a slight increase of 0.3%, reaching HK$1,913.5 billion by the end of November. The mortgage delinquency ratio remained stable at 0.14%, while the rescheduled loan ratio was nearly 0%, indicating a relatively stable financial environment for borrowers.

The HKMA's report provides a comprehensive overview of the mortgage market dynamics in Hong Kong for November 2025, highlighting trends in both primary and secondary markets, as well as refinancing activities. For more detailed insights, the full report is available on the Hong Kong Monetary Authority website.