Rates Move Lower for Eighth Consecutive Month, Driving Refis

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Posted To: MND NewsWire

Thirty-year mortgage loans closed in August carried an average interest rate of 4.07 percent according to Ellie Mae’s Origination Insight Report. Rates were down for the eighth consecutive month , easing back from an average of 4.18 percent in July. Ellie Mae said the month-over-month decline in rates continues to drive up the share of originations that are for refinancing. They accounted for 43 percent of all loans closed during the month compared to 38 percent in July. That increase drove purchase originations under a 60 percent share for the first time this year. The refi share popped up by 3 percentage points for all three major loan types. “Interest rates continue to decline and we’re seeing homeowners capitalize on the refinance opportunity throughout the month of August,” said Jonathan…(read more)

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