Refinance Share Back Above 50%; Rates Not “Sharply Higher” This Week; Good Times to Keep Rolling?
Refinancing again dominated mortgage originations in August after falling below a 50 percent market share in both June and July. ICE Mortgage Technology's Origination Insight Report put the refinancing share of closed transactions at 52 percent, up from 49 percent in July and 48 percent in June. Purchase loans dipped three percentage points from July to 47 percent of closed loans. The distribution of loans by product type was essentially unchanged from the prior month. Eighty percent of originations were conventional loans, up 1 point, while the FHA and VA shares were unchanged at 12 percent and 5 percent, respectively. The average 30-year note rate was 3.17 percent, down from 3.25 percent in July. The time to close all loans declined by 2 days to 46 days, pulled lower but a reduction in the
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