Posted To: MND NewsWire

Mortgage rates rose in October for the first time this year and that increase, while small, is reflected in loans that closed in November according to Ellie Mae’s Origination Insight Report . The average interest rate of loans originated during the month increased to 3.97 percent from 3.94 percent among the October crop. Most likely in response, the percentage of adjustable rate mortgages also increased for the first time in 2019, and the share of refinance loans fell. Adjustable rate mortgages increased from 5.0 percent of all loans in October to 5.3 percent in November and refinancing fell 2 percentage points to 49 percent of loans. Conventional refinancing accounted for all of that decline; that share dropped from 58 to 55 percent while the refinancing shares of FHA and VA loans were unchanged…(read more)

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Source: Mortgage News Daily