Home loan payoffs drop in 3Q as rates rise
The number of home loans paid off in Colorado rose 13.9% in the third quarter from the same period of 2012, the Colorado Division of Housing said in a press release.
In addition, public trustees in Colorado released a total of 89,372 deeds of trust in 3Q—one of the highest totals recorded in recent years. Deed releases occurred as refinancing activity and home sales picked up. The Colorado Housing Division explained:
“We’re now starting to see the effects of rising interest rates on release activity,” said Ryan McMaken, an economist with the Colorado Division of Housing. “While there’s a lot of demand for housing out there, and the numbers are still up compared to last year, these numbers show that the growth has started to taper a little as loans become more expensive.”