Mortgage payoffs up in Northern Colorado

The number of mortgages paid off has increased in both Larimer and Weld counties.

New data from the Colorado Division of Housing show that public trustees in Larimer County released 23 percent more deeds of trust in the first nine months of the year, compared with the same period a year earlier.

In Weld County, 24.4 percent more deeds of trust were released.

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A deed of trust is usually released when a real estate loan is paid down or because the owner made the final payment on the loan.

In the third quarter alone, releases of deeds of trust increased by 48.2 percent in Larimer County and by 58 percent in Weld County when compared with numbers from the same period in the previous year.

The number of mortgages paid off in Colorado was up 22.8 percent in the first three quarters of 2012 from the same period in 2011.

Throughout Colorado, trustees released a total of 218,138 deeds of trust through Sept. 30, compared with just 177,585 in the first three quarters of 2011.

In the third quarter alone, releases of deeds of trust increased 54.4 percent from the third quarter of 2011. The total number of deeds released, 78,240, was the highest quarterly total since the fourth quarter of 2010.

“The 30-year mortgage rate was at a record low of 3.55 percent during the third quarter,´ said Ryan McMaken, Division of Housing spokesperson.

“Home purchases have been held back somewhat by lack of inventory, but refis appear to be increasingly common in recent quarters,” McMaken said.