Mortgage Industry News
« Return to Mortgage Industry News
Technology is Helping Lenders Shorten Closing Timeline
Thursday, March 19, 2020
A 10-basis point drop in the average
interest rate of closed loans drove up the share of refinances in February.
Ellie Mae's Origination Insight Report said the average rate for all
loans closed on its system was 3.86 percent during the month while conventional
loans dipped from 4.03 percent to 3.89 percent and FHA loans from 3.91 to 3.87
percent. The rate for VA loans declined 2 basis point to 3.62 percent. In
response, the share of loans that were for refinancing increased from 46 to 48
percent. The distribution of loans across
product types shifted slightly from January. Conventional loans gained 3 points
to 74 percent of the total and FHA loans dropped from 16 percent to a 14
percent share. VA loans were unchanged, accounting for 8 percent of
transactions.
Read Full Article