U.K. Purchase Volumes Rises, but Refis Fall

In the United Kingdom, purchase mortgages have continued their year-to-year rise for the ninth consecutive month, according to a London-based industry trade group. However, refinancing volume continued to fall on a year-over-year basis for the 23rd consecutive month, data from the Council of Mortgage Lenders, London, show. The number of purchase loans increased by 45% year-over-year and the value of these loans jumped by 62% in March while the value and number of refinance loans was down 29% year-to-year. The 45,000 purchase loans in March (worth £6.3 billion or $9.1 billion), were up 25% in terms of the number of loans (24% in value) from February and the 28,000 refinance loans (worth £3.5 billion or $5.0 billion) were up 23% in volume (21% in value).