Lower Rates Have Slight Impact on New Loan Stats

Posted To: MND NewsWire

Continuing declines in interest rates had some impact along the margins of loan originations in March. Ellie Mae's Origination Insight Report for March reports that 30-year fixed-rate mortgages originated during the month had an average interest rate of 4.77 percent , down from 4.86 percent in February and 5.01 percent in January. The company reported that the share of originations that were for refinancing ticked up 1 percentage point to 35 percent during the month while the share among FHA loans jumped 3 percentage points to 23 percent. FHA's share of all originations also rose 1 point to 20 percent. The share of conventional and VA loans remained at 64 percent and 11 percent of the total respectively. Another possible impact of lower rates, the percentage of adjustable rate mortgages (ARMs...(read more)

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from Mortgage News Daily http://bit.ly/2GjGnht