Lowell Deeds

An article I read somewhere (sorry, no citation or hyperlink) suggested that there was an upturn in refinancing activity as people with adjustable rate mortgages from 2003 hit the adjustment period and opt to refinance for a more stable (even if higher interest) fixed rate loan. There’s no clear indication that this refinancing boomlet has hit Middlesex North thus far. For example, the number of mortgages recorded in the third quarter of 2006 (5075) was 7% less than the number recorded in the second quarter (5444). Besides these sequential statistics, we also compared the number of mortgages recorded in each community in our district in the third quarter 2006 with the same time in 2005. Here are the results:
Total mortgages in 3rd Qtr 2006 (5075) was 28% less than in 2005 (7062)
In Billerica, 3Q mortgages in 2006 (706) were down 20% from 2005 (895)
In Carlisle, 3Q mortgages in 2006 (75) were down 31% from 2005 (109)
In Chelmsford, 3Q mortgages in 2006 (574) were down 36% from 2005 (895)
In Dracut, 3Q mortgages in 2006 (618) were down 31% from 2005 (895)
In Dunstable, 3Q mortgages in 2006 (70) were down 5% from 2005 (74)
In Lowell, 3Q mortgages in 2006 (1457) were down 32% from 2005 (2132)
In Tewksbury, 3Q mortgages in 2006 (547) were down 23% from 2005 (713)
In Tyngsborough, 3Q mortgages in 2006 (261) were down 16% from 2005 (310)
In Westford, 3Q mortgages in 2006 (300) were down 44% from 2005 (535)
In Wilmington, 3Q mortgages in 2006 (379) were down 26% from 2005 (515).