Posted To: MND NewsWire

The average interest rate on closed loans inched up in December and the share of those loans that were for refinancing moved lower. Ellie Mae’s Origination Insight Report for the month says the average 30-year fixed rate in December rose to 3.99 percent from 3.97 percent in November and the year’s low of 3.93 percent in September. The refinance share across all mortgage products declined from 49 to 46 percent. The share of loans that were originated for FHA rose 1 percentage point to 17 percent in December, taking that point from Conventional loans which dipped to a 70 percent share. The portion of VA loans was unchanged at 9 percent. Adjustable rate mortgages accounted for 5.5 percent or originations. The time to close loans rose to the longest periods of the year , averaging 48 days for all…(read more)

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Source: Mortgage News Daily