Mortgage activity surging

by Adam Smith12 Mar 2013

The mortgage market has seen a strong start to 2013 as activity surged over the first two months of the year.

The RP Data Mortgage Index has seen an uplift over the past two months, hitting its highest reading since August 2009. RP Data head of corporate affairs Craig Mackenzie said the result shows significant market activity in February following the traditionally slow month of January and across February.
"This suggest mortgage market activity has rebounded strongly in February after the post-Christmas lull, driven by increased levels of consumer confidence, attractive mortgage interest rates driving strong refinancing activity and improved investor demand," Mackenzie said.
The index tracks data across RP Data's mortgage platforms, which the company said captures 90% of the residential mortgage market. Mackenzie said the index foreshadowed a strong result for February's housing finance data, due to be released by the ABS in mid-April.