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Ellie Mae: Refinancing waned in March


There was a notable decline in refinance activity in March in terms of the overall mortgage-market share, Ellie Mae reported.

Refinances represented just 38 percent of all loans closed, which was down by five percentage points compared to the February level. Purchase loans represented 62 percent of the market, Ellie said.

This came as the 30-year fixed rate rose to an average of 4.69 percent in March, more than four-year high.

“With interest rates rising to the highest levels since January 2014, we’re seeing the purchase market continue to gain momentum,” said Jonathan Corr, president and chief executive officer of Ellie Mae.

The credit quality of loans passing through Ellie’s origination platform also generally improved in March.

FICO scores increased slightly, to 722. The debt-to-income levels for borrowers decreased. The average loan-to-value rose slightly, however.  


 

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