The 30-year rate on conventional loans fell again, dropping to 3.48 percent, down from 3.65 percent in March. Similarly, the 30-year rate on FHA loans fell to 3.56 percent in April, down from 3.76 percent in March. The 30-year rate on
As rates dropped, the percentage of refinances continued to increase, representing 65 percent of closed loans, up from 55 percent in March and 51 percent in February.
Other statistics of note in April included:
The time to close all loans increased to 42 days in April, up from 40 days in March.
FICO scores on all loans increased to 749 in April, up from 742 in March.
Conventional refinance FICO scores increased to 763, up from 758 in March and representing the highest such score since January of 2013.
"Interest rates continued to decline in April, driving up the share of refinances by 10 percent," said
The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution.
In addition to the Origination Insight Report,
2020* Mar.
2020* 6 Months Ago
(
(
*All references to months should be read as month ended. PROFILES OF CLOSED AND DENIED LOANS FOR
More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
To get a meaningful view of lender pull-through,
The Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.
The Origination Insight Report details aggregated anonymized data pulled from
News organizations have the right to reuse this data, provided that
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae's technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more. PRESS CONTACT
(925) 227-5913
Erica.Bigley@elliemae.com
Allison+Partners
(312) 635-8204
EllieMae@allisonpr.com
# # #
© 2020
.
(C) 2020 M2 COMMUNICATIONS, source