PLANO, Texas – A new study indicates mortgage activity for December was more than double that of one year earlier.
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The analysis, released by Rodney Anderson, the country’s fourth-highest producing originator of mortgage loans and the highest-producing originator of FHA and VA loans, found that 70% of December’s new loan applications were for purchases of residential property.
“There’s no question that as rates dropped in the latter part of 2008 more people took steps to capitalize on the cost savings that those lower rates would bring,” says Anderson. “And while many see this as a refinance boom, it’s important to note that a significant portion of those loans – roughly 7 out of 10 – were going to individuals purchasing new homes.”
