Mortgage borrowers in Colorado have been paying off their mortgages at a faster rate than a year ago through three quarters, according to the Colorado Division of Housing.
A total of 218,138 deeds of trust have been released by public trustees in the first three quarters of 2012, compared to 177,585 in the same period last year. This was a 22.8 percent increase. The third quarter alone saw a 54.4 percent jump in the number of deeds released on a year-over-year basis.
"The 30-year mortgage rate was at a record low of 3.55% during the third quarter, and that has really helped push up refinance and purchase activity," said Ryan McMaken, an economist with the Colorado Division of Housing. "Home purchases have been held back somewhat by lack of inventory, but refis appear to be increasingly common in recent quarters."
The higher level of mortgages being paid off could have contributed to the improving foreclosure situation in the Centennial State. According to RealtyTrac, the number of foreclosure filings was down 20.3 percent on a year-over-year basis in September.