The value of Hong Kong residential mortgage loans approved in September was HK$31.4 billion, a 9.4 percent increase compared with August, amid rebounding home sales, official data show.

“Among these, mortgage loans financing primary market transactions increased by 17.5 percent to HK$12.6 billion and those financing secondary market transactions increased by 6.1 percent to HK$15.5 billion,” the Hong Kong Monetary Authority said in a statement on Friday.

Loans for refinancing during this time decreased 2.4 percent to HK$3.2 billion.

Mortgage loans drawn down during September amounted to HK$20.9 billion in a 9.7 percent rise from the previous month.

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The number of mortgage applications in September dropped 1.1 percent month-on-month to 8,316, according to the HKMA.

Meanwhile, the ratio of new mortgage loans priced with reference to the Hong Kong Interbank Offered Rate decreased from 94.4 percent in August to 92.6 percent in September.

The ratio of new mortgage loans priced with reference to the best lending rates increased from 1.3 percent in August to 1.5 percent in September.

The outstanding value of mortgage loans increased 0.2 percent month-on-month to HK$1.8914 trillion at end-September.

The mortgage delinquency ratio stood at a low level of 0.13 percent and the rescheduled loan ratio was unchanged at nearly 0 percent, the HKMA added.