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Ellie Mae: Refinance share jumps in July


The refinancing share of all closed mortgages jumped in July with the decline in key mortgage rates, Ellie Mae reported.

Refinances accounted for 37 percent of all closed loans, up from 34 percent in June. That percentage is down from the January level of 47 percent, but up from 36 percent share in July 2015.  

Meanwhile, the 30-year fixed rate averaged 3.87 percent in July, down 10 basis points in the month, Ellie reported.

The average FICO scores on all closed loans was 727, the highest average since June 2015. 


 

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