Mortgage sales returning to normal

Mortgage sales last month were 10 per cent down on the same month last year according to the latest AFG Mortgage Index. Refinancing was steady at 37 per cent of new mortgage sales, suggesting that borrowers are not rushing to switch loans despite a flurry of offers currently in the market.

Queensland mortgage sales were 16 per cent down on the same time last year, while NSW bucked the national trend and recorded no decline on mortgage sales compared with February 2010.

“After two months of extraordinarily subdued mortgage markets, we are now seeing a return of buyer confidence,” said AGF general manager Mark Hewitt.

Source: Herald Sun