December 2008 mortgage sales up

According to AFG’s latest Mortgage Index, mortgage sales recorded a stronger than expected result in December 2008.

While total loan volumes slipped down by 8% from November 2008, as is traditionally the case before the festive season, they were up by a substantial 11% from December 2007.

This was the first month in all of 2008 during which mortgage sales out-performed the corresponding month in 2007.

AFG said the relatively strong performance in December 2008 could be attributed to continued robust demand from first home buyers (21.2% of mortgages) and refinancing activity (37.2%).