More Colorado homeowners managed to pay off their home loans in the past year with the state noticing a significant uptick in the number of deeds of trusts released.

A release of a deed usually occurs when a home loan has been paid off, refinanced, sold or a borrower has made a final payment.  

The Colorado Division of Housing reported that 74,809 deeds were released in the first quarter of 2012 – a number that grew 31.4% to 98,321 ‘released deeds’ in 1Q of 2013.

The number of deeds released even increased 13.3% between the final quarter of 2012 and the first quarter of 2013.

“From early 2011 to late 2012, the average 30-year fixed mortgage rate fell for seven quarters in a row,” said Ryan McMaken, an economist with the Colorado Division of Housing. “We’re not surprised to see refi and purchase activity increase sharply as a result.”