NEW CASTLE ? Some sectors of the economy may still be sluggish, but the housing market in Lawrence County isn?t one of them.
Mortgage loans, both for refinancing and home purchases, are up significantly in the last several months in the county, according to local banks and real estate agents.
One of the factors driving the increased volume is mortgage interest rates, which are considered to be at historic lows.
Tom Finnegan, president and chief executive officer of FirstMerit Mortgage, said the bank has doubled its volume of refinancing and home purchase loans from the second quarter of 2011. ?The big surge,? though, began in the last part of the third quarter.
?Rates have been down and stayed down.?
Homeowners can look to refinance in the low 3 percent range, he said. Rates in ?the low threes,? he said, ?is unprecedented.?
?This environment gives them an opportunity to lower their rate and shorten their term. It?s a good opportunity for people.?
Finnegan said that for the entire market served by the bank, the ratio of refinancing to home purchases has been 75-25. However, for New Castle, it has been 50-50.
?We look at that as a good thing for the community.?
The reason for the even split for New Castle?
?I think we have a very longstanding and positive relationship with real estate community and builders in the area.?
First National Bank also has seen an increase in mortgage volume over the last quarter of 2011, primarily due to the low rates, according to Barry C. Robinson, executive vice president of consumer banking.
The volume is a combination of refinances and purchases, he said.
Robinson said because homeowners ?did not experience housing price swings as extreme as other parts of the country,? many people ?have significant equity positions in the homes they own, making this a good time to take advantage of the current low rates with a refinance.?
First National did not have a breakdown of refinances to purchases.
Charles P. Evanoski said volumes have ?definitely increase the last three or four months? at ESB Bank.
Evanoski, group senior vice president and chief financial officer for ESB, said that over the last three to four months, loans have more than doubled the number from nine to 12 months ago.
He estimated two out of every three loans is for refinancing.
Evanoski said ESB is offering 2.99 percent financing up to 15 years for both refinancing and purchases.
?That?s getting a lot of attention.?
On the home purchase side, Jim Wade said, ?There?s no doubt that rates being low are helping to push the market.?
Wade, regional finance manager for Howard Hanna Mortgage Co., said he believes the increased volume is due to a combination of low rates and ?unusually warm weather.?
?There?s no doubt it?s? definitely a lot busier than last January.?
He noted the low rates are
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