Purchase Share and Interest Rates Creep up, Hit New Ellie Mae Highs

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Posted To: MND NewsWire

The share of closed loans for home purchases ticked up another point in June, to 71 percent. While Ellie Mae has only tracked data since 2011, this represents a new high for those loans in the company’s Origination Insight Report. The purchase share was also up 1 point for FHA loans, at 81 percent and rose 2 points for VA loans and 3 for conventional loans to 77 percent and 69 percent respectively. The allocation of newly originated loans across product types seems cast in amber. Shares have remained essentially unchanged since March at 66 percent conventional, 20 percent FHA, and 10 percent VA loans. In June, the 30-year interest rate rose yet again to 4.9 percent, up from 4.84 in May another new high for the Ellie Mae report. The percentage of Adjustable Rate Mortgages (ARMs) rose to 6.9…(read more)

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