REAL ESTATE

Mortgage applications on the rise in R.I.

BLOOMBERG FILE PHOTO/MIKE MERGEN
INCREASED HOME sales and low mortgage rates have led to increased mortgage activity in New England, according to data from The Warren Group’s Mortgage MarketShare Module.
Posted 6/12/12

BOSTON – Increased home sales and low mortgage rates have led to increased mortgage activity in New England, according to data from The Warren Group’s Mortgage MarketShare Module.

So far in 2012, there have been 12,974 mortgage application starts in Rhode Island, up 24 percent from 10,416 during the same period in 2011.

Total mortgage activity in Massachusetts is up more than 28 percent from 2011 numbers. In the first four months of 2012, 99,097 mortgages were started in the Bay State, an increase from 76,930 during the same period 2011.

“The housing market has rebounded recently with single-family home sales volume increasing in nine of the last 10 months,” Timothy M. Warren Jr., CEO of The Warren Group, said in prepared remarks.

“More home sales translate to more purchase mortgages,” added Warren. “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.”

More than 86 percent of total mortgages were refinances during the first 4 months of 2012. Comparatively, 84.5 percent of total mortgages were refinances during the same period 2011.

Nationally, the refinance share of mortgage applications is about 78 percent, according to the Mortgage Bankers Association.

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