Mortgage Data Shows Boost in Activity

According to the British Bankers Association, there were 140,020 mortgage approvals made last month in an inventory of the largest lenders covering half of all loans for purchases. The total number in December for purchases and refinances were better at 140,866, which brought in almost $1 billion more in revenue. The numbers may sound bad if you compare January to December, but the overall total for January is 25% more than the previous January, showing a rebound in the housing market for the year to come. The market may have gone soft late last year, but the mortgage industry is still fighting for their numbers.

The stabilization of the mortgage industry was further shown with news that property prices had nudged higher in February. A residential property research company for Britain noted the 0.4% climb, the third monthly increase in a row. Some feel that this trend may result in rates being lowered, in order to maintain the level of business that is being revived. Others look at the fact that if properties are increasing in value again, mortgages must be more in demand, and that will result in rates staying at the high level they are now.