New England Mortgage Activity Improves to 5-Year High

New England Mortgage Activity Improves to 5-Year High

03/28/2013 BY: TORY BARRINGER

Mortgage activity in the New England region hit a five-year high in 2012, The Warren Group reported.

According to the company’s Mortgage MarketShare Module, Massachusetts, Connecticut, and Rhode Island all recorded strong activity last year, with the Bay State showing the most strength.

“Single-family home sales have increased for 13 consecutive months, a sure sign the housing market [is] in recovery mode,” said Marie Wentling, director of product strategy at The Warren Group.

“In addition to the spike in mortgages used to purchase homes, we saw a strong increase in refinance mortgages, partially credited to low rates and government assistance programs,” he added.

Refinance share in the region last year was about 83 percent compared to 81 percent in 2011. Nationally, the refinance share of applications was about 82 percent at the end of 2012, according to the Mortgage Bankers Association (MBA).

Total residential mortgage activity rose nearly 38 percent statewide in Massachusetts, increasing to 332,582 from 241,490 in 2011. Purchase mortgages spiked more than 25 percent, reading 57,324, while refinance mortgages rose 41 percent to 275,258.

In Connecticut, mortgage activity rose more than 26 percent year-over-year from 2011 to a total of 111,850. Purchase originations rose 13.5 percent to 24,757, while refinances rose 30 percent to 117,002.

Rhode Island, meanwhile, reported its best year since 2009. The Ocean State saw a total of 42,680 originations last year, up from 32,992 the prior year. Purchase mortgage volume increased 14 percent to 7,347, while refinance volume increased to 35,333.

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