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The Oneida County Clerk's Office reports a large increase in the number of mortgages filed. According to County Clerk Richard Allen they started to see the greatest upswing during the summer and their monthly mortgage totals were up 29% in July, 12% in August, 28% in September and 18% in October over the year 2000 numbers. They have already filed approximately 6600 mortgages without November and December totals. The Clerk’s office filed 6919 mortgages in 2000.

One of the main reasons we are seeing an increase is due to refinancing. Clerk Allen noted that "as the rates have decreased we have seen a steady up swing in the number of mortgages coming across our counter. This is a plus all the way around since the County receives additional revenue for each filing and the homeowners reduce their rate of payment each month."

With some banks offering rates around 6% many people are running the numbers to see if it is their best interest to refinance. For many it does, since the cost of the transaction vs. the money saved on the payment is well worth the paperwork to refinance. "We expect to see this trend continue into the winter since the nation's slowing economic conditions should continue to keep the rates low" said Mr. Allen.