Rates Rise but Refi Share Unchanged

Posted To: MND NewsWire

Refinancing accounted for 35 percent of all mortgages originated in August, unchanged from July, but down from 47 percent at the beginning of the year. Ellie Mae’s says, in its Origination Insight Report for the month, that refinancing is holding up especially well among conventional loans where the share ticked up 2 percentage points from July to 42 percent of all loans. “As the summer season draws to a close, refinances held steady at 35 percent of all closed loans coupled with a slight increase in interest rates to 4.27, up from the 2017 low of 4.25 in July,” said Jonathan Corr, president and CEO of Ellie Mae. The share of loans claimed by each product type was unchanged from both June and July. Conventional loans made up 64 percent, FHA 22 percent, and VA 10 percent. The time to close a…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

The entire article can be viewed