March Closings Dominated by Refinancing

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Posted To: MND NewsWire

Declining interest rates in March pushed the refinance share of closed loans higher again according to information in Ellie Mae’s March Origination Insight Report . The average rate for all 30-year fixed-rate mortgages closed during the month was the lowest since January 2013, 3.65 percent, 21 basis points lower than the average in February. Conventional loans had the same rate and change. Similarly, the average rate for 30-year rate on FHA loans fell to 3.76 percent from 3.87 percent and VA 30-year rates averaged 3.45 percent, down from 3.62 percent. As rates dropped, the percentage of refinances increased, representing 55 percent of closed loans , up from 51 percent in February and 50 percent in January. The refinancing share of loans increased across all loan types; for FHA loans it was…(read more)

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