Led By Refinances, Mortgage Activity Up In Mass.
Total mortgage activity in Massachusetts is up more than 28 percent so far in 2012, compared to the same period a year ago, according to real estate tracking firm the Warren Group.
Purchase mortgages increased almost 13 percent in the first four months of 2012, the firm reported Tuesday, and refinance mortgages rose 32 percent, to 85,721.
"More home sales translate to more purchase mortgages," the group's CEO, Timothy Warren, said in a statement. "But the real story is the increased volume of refinance mortgages. Low interest rates and a revamped federal program called Home Affordable Refinance Program are making lower monthly payments possible for many more homeowners."
The Warren Group added in its release: "More than 86 percent of total mortgages were refinances so far this year, compared to 84.5 percent during the same period last year."
Also Tuesday, the Massachusetts Association of Realtors reported that the number of single-family homes put under agreement statewide rose 32 percent in May, compared to the same month a year ago.
It's the 13th straight month of year-over-year pending home sales increases.
This program aired on June 12, 2012. The audio for this program is not available.