Arvest reaches $1 billion in Mortgages by June 15.(Note)

Arvest Mortgage Co. of Lowell said last week that it originated more than $1 billion in new mortgage loans through June 15, surpassing its entire 2008 total within the first six months of 2009.

It's the seventh consecutive year that Arvest Mortgage has originated more than $1 billion in new mortgage loans, but normally it hits that mark in mid- to late December each year.

Mortgage refinancing accounted for 75 percent of the six-month total, but the mix between refinances and new mortgage loan applications has changed significantly in the last three months, the company said.

In that time period the ratio of refinanced mortgages to mortgages for home purchases has changed to 60-to-40--evidence that the activity level of home buying as a percentage of mortgage borrowing is increasing.

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