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Ellie Mae: Refinances gain steam in October


Refinancing activity picked up in October, even as average interest rates ticked up slightly, Ellie Mae reported.

Refinances stood at 47 percent of all closed loans, up from 45 percent in September, the company said.

“We saw increases in refinance percentages for FHA, VA and conventional loans, bolstered by the very low 30-year note rate that rose only slightly to 3.76 [percent],” said Jonathan Corr, president and chief executive officer of Ellie Mae. “We believe that homebuyers are taking advantage of the continued low rates to find monthly savings by refinancing their mortgages.”

Ellie also reported that average FICO scores fell in October to 730. The average time to close for all loan types was unchanged from September at 48 days. 


 

Questions? Contact at (425) 984-6017 or victorw@scotsmanguide.com.

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