Ellie Mae Chief Sees “Very Robust” Summer Sales


Posted To: MND NewsWire

Loans originated in May carried lower mortgage rates t han the previous month for the 5 th consecutive time according to Ellie Mae’s Origination Insight Report . The average rate for the 30-year fixed-rate mortgage was 4.52 percent, down from 4.61 percent in April, and 5.01 percent at the first of the year. The share of originations intended for home purchase reached the highest level of the year, 68 percent, up 3 points from the previous month. Nineteen percent of all originations were FHA loans, down 1 point from April. Other shares were unchanged; conventional loans at 66 percent and VA loans at 10 percent. “As the 30-year note rate declines for yet another month, we are seeing purchase and refinance activity on the rise,” said Jonathan Corr, President and CEO of Ellie Mae. “Closing rates…(read more)

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