Loan refinancing activity has boomed recently. Nearly 19,000 MA single-family home loan refis were recorded in February.
That’s a 22 percent increase from a year earlier and a huge improvement from late summer and fall.
Refi activity slumped from August to December when there were fewer than 10,000 refis a month, according to The Warren Group.
In January, the numbers jumped, with a total of 13,547 single-family home loan refis. In February, that number climbed to 18,952 – almost triple what it was in November.
Low mortgage interest rates are luring more homeowners to refinance.
Federal efforts to enable property owners who have a high loan to value ratio to take advantage of the attractive rates could also boost refi activity.
Not surprisingly, purchase mortgage activity has been on a downward trend since last June as home sales declined.
A total of 1,485 purchase mortgages for single-family homes were recorded in February, the worst February in at least five years.
About 20 percent fewer loans were recorded in February than a year earlier.
Source: Warren Group
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