Both Closing Times and Pull Through Rates Improved in February

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Posted To: MND NewsWire

Ellie Mae’s Origination Insight Report for February is headlined by both a decrease in closing times and, more significantly, further declines in mortgage interest rates. The company said the average interest rates for loans originated on its platform during the month was 4.86 percent. This was 15 basis points lower than the January average. Closing times were shortened by two days to 43. Timelines for refinancing were down three days to 35 and purchase loans took 47 days, two fewer than in January. Purchase loans represented 66 percent of the total, up 1 percentage point from the previous month. The share of adjustable rate mortgages declined to 7.6 percent from 8.6 percent. “Purchase percentages have increased following both the holiday season and the 30-year note rate decline,” said Jonathan…(read more)

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