Lowell Deeds

Here at the registry of deeds it became very obvious to me in 2003 that our “volume” is driven by mortgages, especially refinances. Obviously, today mortgage volume is down, way down. Down how much? Well, according to Mortgage Bankers Association first time mortgage applications were down 28.7% last week. And the news isn’t any better for refinances either. During the same period refinances fell 38.1%. According to the Boston Globe…”the average interest rate on 30 year fixed mortgages increased to 5.75 percent from 5.74 percent the previous. This is not enough of an increase to effect the market in either direction.