Residential mortgage activity in Massachusetts rose almost 38 percent last year, as 2012 marked the best year on record since 2007, according to a new report from the Warren Group, a Boston firm that collects local real estate data.
Last year, 332,582 residential mortgages were taken out in the Bay State, with refinanced mortgages accounting for about 83 percent of that total, said the Warren Group’s Mortgage MarketShare Module. Refinancing rose nearly 41 percent from 2011 to 2012, while purchase mortgages jumped by more than 25 percent, the firm said in a press release.
“Single-family home sales have increased in 13 of the last 14 months, a sure sign the housing market in recovery mode,” Marie Wentling, the Warren Group’s director of product strategy, said in a statement. “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.”