PLANO, Texas — According to Rodney Anderson, the country's fourth highest producing originator of mortgage loans and the highest producing originator of FHA and VA loans, this month's new mortgage activity is already double December 2007′s numbers.

Seventy percent of December's new loan applications were for purchases of residential property.

"There's no question that as rates dropped in the latter part of 2008 more people took steps to capitalize on the cost savings that those lower rates would bring," Anderson said. "And while many see this as a refinance boom, it's important to note that a significant portion of those loans–roughly 7 out of 10–were going to individuals purchasing new homes."

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