October Refi Share Highest in Four Years

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Posted To: MND NewsWire

The boom continued in October as more than half of the loans closed during the month were for refinancing . According to Ellie Mae’s Origination Insight Report, those loans accounted for 51 percent of the total originated on its system, the highest percentage since March 2015. The share was 2 percentage points higher than in September. The average note rate for 30-year fixed rate mortgages closed during the month was 3.94 percent, one basis point higher than the average the previous month. FHA mortgage rates averaged 3.96 and conventional loans averaged 3.98 percent, a 2- basis point decline for the former and 2-basis point increase for the latter. “Interest rates continued to decline in October which had homeowners reaching out to lenders as they look to save on their monthly mortgage payments…(read more)

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