Borrowers Get Ahead of Tax Changes, Refinance Activity Up in December

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Posted To: MND NewsWire

The new tax law appeared to have slightly influenced mortgage originations in December, ahead of its actual implementation. Ellie Mae, in its December Origination Insight Report , said the share of refinances ticked up and closing rates on both purchases and refinances increased from November, across all loan types. Both increases were possibly due in part to borrowers trying to lock in the existing mortgage interest deduction limit ($1 million) before the new $750,000 limit kicked in on January 1. The closing rates on all loans increased from 70.9 percent to 71.2 percent while closing rates on refinances rose from 65.1 percent to 65.6 percent and that for purchases increased to 76.1 percent from 75.5 percent. Closing rates also increased across FHA, conventional and VA loans for both purchases…(read more)

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