Refinancing Share at Early 2017 Levels

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Posted To: MND NewsWire

Refinancing increased its share of total originations in September, rising 3 percentage points from August to 38 percent of all closed loans. Ellie Mae, in its Originations Insight report says the refinance share was the highest since February and set forth two possible reasons. First, interest rates on closed loans during the month dipped to the lowest of the year, 4.21 percent. Second, the time to close a refinance fell to 40 days, the shortest timeline since February 2015. After remaining steady for several months, the distribution of loans shifted slightly. The conventional loan share picked up 2 points to 66 percent at the expense of FHA l oans which dropped 2 points to 20 percent. The VA share remained at 10 percent as it has all year. While refinancing loans closed faster, purchase loans…(read more)

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