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Purchases Catching up With Refis; New QM Offshoot Proposal; Rates are Lagging

Purchases Catching up With Refis; New QM Offshoot Proposal; Rates are Lagging

Refinance loans continued to dominate mortgage originations in July, but the gap with purchase loans is closing. Ellie Mae's Origination Insight Report for the month showed refinances with a 54 percent share, down from 58 percent in June. Purchasing increased to 46 percent from 42 percent. The rate on closed 30-year fixed rate mortgages declined from an average of 3.40 percent the previous month to 3.24 percent. Those originated as conventional loans had a rate of 3.26 percent, down from 3.42 percent. The FHA rate averaged 3.26 percent and the VA rate 3.02 percent, down 15 and 18 basis points, respectively. The distribution of loan types shifted slightly. The FHA share picked up 1 percentage point to 11 percent and conventional and VA loans each lost a point, dipping to 79 percent and 6 percent
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