By Jann Swanson
Posted To: MND NewsWire
Loans for home refinance made up 51 percent o f all loan originations in January, an 8 percent jump compared to December. Ellie Mae’s Origination Insight Report said this was the highest share refinancing has had in more than 18 months. Refinancing hit a low at 32 percent in July but as interest rates retreated from early 2014 highs, the share of refinancing increased steadily. In all of 2014 refinancing averaged a 38 percent share of originations. Despite the jump in volume, the average time to close a refinance loan fell from 42 days to 39 days. Ellie Mae said the closing rate for all loans rose for the fifth consecutive month to 62.4 percent, the highest level since Ellie Mae began tracking this data in 2011. The closing rate on refinancing was 56.5 percent and for purchase loans 68.3 percent…(read more)
Via:: January Refinacing Share was 18 Month High
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