LOWELL, Ark. — For the seventh consecutive year, Arvest Mortgage Company has originated more than $1 billion in new mortgage loans. Unlike previous years, though, where the company hit the $1 Billion mark in mid- to late-December, this year it hit the mark hit before the year is halfway over. Based on this activity, Arvest has surpassed their entire 2008 total within the first six months of 2009.
While mortgage refinancing accounted for seventy-five percent of that six-month total, the mix between refinances and new mortgage loan applications has changed significantly in the last three months. In that time period the ratio of refinanced mortgages to mortgages for home purchases has changed to 60/40. This is evidence that the activity level of home buying as a percentage of mortgage borrowing is increasing.
While many national mortgage indicators have trended down in 2009, Arvest points to key factors such as in-house servicing and local customer service as reasons for their increased activity.
Bank officials cite record low interest rates, more affordable housing and the first-time homebuyer tax credit for stimulating interest in new home loans.
