Loans for residential properties in the United States went up significantly in the second quarter of 2015, according to the housing data company RealtyTrac.

In its U.S. Residential Loan Origination Report, RealtyTrac says 1,950,267 loans were started on single-family homes and condominiums during the quarter. This number marked a 22 percent increase from the first quarter of the year and a 23 percent increase from the second quarter of 2014. The company says residential loan originations are also at their highest point since the third quarter of 2013.

The loans that were started in the second quarter total almost $540 billion, a 14 percent increase from the previous quarter. This figure also marked a 29 percent increase from the second quarter of 2014.

Refinancing accounted for the majority of the new loans. A total of 1,212,443 refinance originations accounted for $307 billion, or 56.7 percent of the total value of loans started in the second quarter.

Purchase loans accounted for the remaining 737,824 originations, which were valued at $234 billion and made up 43.3 percent of all new loans in the quarter. RealtyTrac says purchase loan originations made up the largest share of new residential loans in the third quarter of 2014, when they accounted for 51.3 percent of loan originations.

Refinance originations were 32 percent higher than the second quarter and 9 percent higher than the first quarter. Purchase loan originations also increased 9 percent from the first quarter.

"The rise in loan originations, particularly the sharp rise in [Federal Housing Administration] purchase originations, indicates the FHA premium reduction at the end of January really is having a big impact, pushing people off the fence to purchase," said Daren Blomquist, vice president at RealtyTrac. "The average loan amount for FHA purchase loans increased from $187,718 in the first quarter of 2011 to $197,315 in the second quarter of 2015—a 16 quarter high—as the lower FHA premium gave those buyers more buying power."

Of the loan originations, 61.7 percent were for conventional or jumbo loans. These amounted to 1,203,722 new loans in total in the second quarter, an 18 percent increase from the first quarter and 17 percent increase from the previous year.

The average value of a home purchased with these types of loans increased 10 percent since the second quarter of 2014. While conventional refinance originations increased 3 percent from the first quarter, they were up 30 percent from the previous year.

About 16.7 percent of the loan originations, or 326,143 new loans, were issued through the FHA. This share increased from 13.6 percent in the first quarter and 14.1 percent in the second quarter of 2014, making up the largest share of new loans since the second quarter of 2010. FHA loan originations were 50 percent higher than the first quarter of 2015 and 46 percent higher than the previous year.

RealtyTrac says FHA loans typically allow first-time homebuyers to make a low down payment on a property. FHA purchase loan originations had increased sharply in the second quarter, up 73 percent from the previous quarter and 36 percent from the same time in 2014, while FHA refinance loan originations went up 32 percent from the previous quarter and 58 percent from the previous year.

The average value of a home purchased with an FHA loan increased only 1 percent between the first quarter of 2015 and the second quarter. However, the average value in the second quarter was 13 percent higher than in the second quarter of 2014.

HELOC loans, for home equity lines of credit, accounted for 118,807 new loans – 14.4 percent of all originations. HELOC originations were up 20 percent from the first quarter and 22 percent from the second quarter of 2014. Purchase originations using this type of loan increased 78 percent from the previous year and 21 percent from the previous quarter, while HELOC refinance originations were up 20 percent on both a quarter-over-quarter and year-over-year basis.

Loans started through the Veterans Administration accounted for 6.1 percent of originations, or 118,807 residences. These loans increased by 12 percent from the first quarter and 39 percent from the previous year.

VA purchase loan originations were up only 11 percent from the previous year, but had increased 45 percent from the first quarter. Refinance originations through the VA went up by 83 percent from the second quarter of 2014, but only 7 percent from the previous quarter.

In metro areas with a population of at least 500,000 people, the largest increase in purchase loans over the course of a year occurred in Birmingham, Alabama. New loan originations in this city were up 197 percent.

Several California communities also saw a high rate of new loan originations in the past year, though they were well below the Birmingham figure. Oxnard had the second largest increase overall at 58 percent, followed by San Jose (50 percent), Los Angeles (50 percent), San Diego (50 percent), San Francisco (47 percent), Sacramento (46 percent), and Riverside (41 percent).

Other communities with significant year-over-year growth in new loan originations included Minneapolis, Minnesota (51 percent); Richmond, Virginia (48 percent); Denver, Colorado (46 percent); and Seattle, Washington (39 percent).

Birmingham also led the nation in new purchase loan originations compared to the previous year. RealtyTrac says purchase loans in the city were up 190 percent.

Cape Coral, Florida, had the next highest year-over-year increase in purchase loan originations at 31 percent. Several other Florida communities also saw large increases, including Tampa (30 percent), Orlando (28 percent), Sarasota (27 percent), and Miami (19 percent).

Other communities with a large increase in purchase loan originations since the second quarter of 2014 included Richmond (30 percent); Augusta, Georgia (30 percent); Minneapolis (29 percent); Dayton, Ohio (24 percent); and Atlanta, Ga. (22 percent).

RealtyTrac says the largest decrease in purchase loan originations occurred in Greenville, South Carolina, where these originations dropped by 43 percent over the year. Other metro areas with the most significant decreases in purchase loan originations were Buffalo, New York (a 21 percent decrease); New Orleans, Louisiana (a 21 percent decrease); Cleveland, Ohio (a 13 percent decrease); and Tucson, Arizona (an 11 percent decrease).