The number of mortgage loans paid off in Colorado rose 10.2% in the first half of the year when compared to the year earlier period, according to the Colorado Division of Housing.
The report says public trustees released 139,859 Colorado deeds that were paid off during the first half of the year, compared to 126,903 deeds a year earlier.
A deed is usually released when a loan is paid off, refinanced or sold. An uptick in release activity often indicates an uptick in refinance or home sales activity, the Colorado Division of Housing said.
About 65,000 deeds were released in the second quarter of 2012 alone, up 20.7% from 53,878 deeds during the same period a year earlier. Meanwhile, deed releases fell 13% from the first quarter of 2012 when 74,808 deeds were released.
“Releases dropped off a bit during the second quarter, but overall activity is still up this year,” said Ryan McMaken, spokesman for the Colorado Division of Housing. “With mortgage rates at such low levels, there’s a big incentive to buy or refinance right now, assuming your loan gets approved.”
