August Refi Surge Reflected in Higher Conventional Lending Share

Posted To: MND NewsWire

Refinancing jumped to 43 percent of all loans originated in August, a 6 percentage point higher share than in July. Ellie Mae's Origination Insight Report says this takes the refi share back to a level last seen in March. The share of all loans closed during the month with FHA backing slipped three percentage points to 20 percent with conventional financing increasing by that amount to a 68 percent share. The VA share was unchanged from the previous month at 9 percent. The mix of conventional loans shifted to reflect the surge in refinancing. Those loans rose from 47 percent of all conventional loans in July to 54 percent. The average time to close all loans remained steady at 46 days for the third consecutive month. The time to close a refinance decreased by two days to 46 days while the purchase...(read more)

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