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HONG KONG, Aug 26 (Reuters) New mortgage loans approved in Hong Kong last month fell 24.5 percent to HK$9.7 billion (US$1.25 billion) from June, the Hong Kong Monetary Authority said late on Friday.

New mortgage loans drawn down in July declined 16.6 percent to HK$10.4 billion from June. The number of new applications fell 13.6 percent.

The proportion of new loan approvals priced at more than 2.5 percent below the best lending rate fell to 67.4 percent in July from 70.4 percent in June.

The outstanding value of mortgage loans increased 0.1 percent to HK$527.6 billion and the mortgage delinquency ratio was unchanged at 0.20 percent.

(US$1=HK$7.778) REUTERS PV RN1334