HONG KONG -- The Hong Kong Monetary Authority said on Monday that new mortgage loans fell 9.4 percent from May to HK$24 billion ($3.08 billion) in June.

The number of new applications also decreased 30.3 percent to 11,913. The authority said the fall reflects the lower transaction volume following the latest round of tightening of the underwriting standards of mortgage lending introduced on June 10.

New loans approved in June fell 16 percent to HK$26.6 billion. Approvals for primary market transactions and secondary market transactions declined 33.7 percent and 11 percent respectively.

The outstanding value of mortgage loans increased by one percent to HK$788.2 billion. The mortgage delinquency ratio and the rescheduled loan ratio remained unchanged at 0.01 percent and 0.03 percent in June.