Rising Rates Reflected in Increased Purchase Share

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Posted To: MND NewsWire

Ellie Mae said its Origination Insight Report for December reflects the first effects of rising interest rates . Loans for refinancing slipped from 47 percent in November to 46 percent as the reciprocal number, purchase loans, rose 1 point to 54 percent. The company says this likely signals an upward trend in purchase mortgages that will continue throughout 2017. Conventional loans made up 66 percent of closed loans during the month, down 2 percentage points from November while FHA and VA lending was unchanged at 20 percent and 9 percent respectively. Closing rates for all loans increased to 73.2 percent in December, the highest rate in 2016. Refinance closing rates increased to 69.6 percent, up from 68.7 percent a month earlier and purchase closing rates increased to 77 percent from 76.1 percent…(read more)

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