Loan Closing Rates Hit Record High

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Posted To: MND NewsWire

There was a dramatic drop in the average note rate for loans originated in July and the refi share of those originations rose significantly. The July Origination Insight Report from Ellie Mae shows a seventh consecutive monthly drop in the 30-year note rate on closed loans from 4.40 percent in June to 4.18 percent in July. Refinancing responded, the share of those loans jumped to 38 percent of all loans from 31 percent the previous month, driving the purchase share to 62 percent from 69 percent. The higher refinance share applied to all product types . The FHA share rose 6 percentage points to 24 percent, refinances accounted for a 42 percent share of conventional loans, up from 32 percent, and refinancing made up 31 percent of VA loans, a 7-point increase. Closing rates continued to rise to…(read more)

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