“Significant” Reduction in Closing Times; Rates Fall; Hurricane Effects Linger; Home Prices Surge
The 5-point surge in the share of refinancing loans that closed in January didn't survive the month. Ellie Mae's Origination Insight Report shows that share dropped from 45 percent to 43 percent in February. Refinancing lost market share for both VA and conventional loans but held steady at an already low 28 percent of FHA mortgages. Purchase loans grew their share 2 percentage points, rising to 57 percent. "As expected, we are seeing the percentage of refinances taper back off to the projected industry levels," said Jonathan Corr, president and CEO of Ellie Mae. "And with interest rates on the rise, we're seeing the purchase market begin to gain some momentum. We know that the shift to a purchase market will drive the shortened time to close and we will watch to see if the trend continues
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