Closing Rate, Refinance Share Rose in January

By Jann Swanson

Posted To: MND NewsWire

A 16-basis point drop to 5.01 percent in the average rate for 30-year fixed-rate mortgages was given only partial credit for a sizable uptick in the refinancing share of originations in January. Ellie Mae’s Origination Insight Report for the month shows the refinancing share of originations jumped to 35 percent from 29 percent in December. The share of FHA loans that were for refinancing rose 3 percentage points to 21 percent and Conventional refinances rose from 31 percent to 35 percent. “The increase in refinances in January is likely due to seasonality with lower purchase volume tied to the holiday season as well a modest drop in rates from November and December,” said Jonathan Corr, president and CEO of Ellie Mae. “We anticipate that as we move into the traditionally busier spring months…(read more)

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