Interest rate cuts in November and December have given the housing finance market a boost. The number of dwelling commitments in December rose 2.3 per cent month-on-month and finance for the construction of new dwellings rose two per cent.According to the latest Australian Bureau of Statistics housing finance data, released yesterday, the number of dwelling commitments rose from 47,383 in November to 48,453 in December (in seasonally adjusted terms).The value of these commitments rose from A$13.8 billion to $14.1 billion - the first time in over a year that more than $14 billion worth of mortgages has been sold in a month.The figures show that investors are back in the market. Finance commitments on investment housing rose 7.5 per cent month-on-month.Another positive sign was that first-home buyers made up 20.9 per cent of the market - up from 20 per cent in December. First-home buyer participation has risen from a low of 16.3 per cent last July.