Posted To: MND NewsWire

The slight drop in mortgage rates in January stabilized refinance originations according to the January Origination Insight Report from Ellie Mae. The 3 basis point dip to an average rate of 3.96 percent kept the refinancing share of closed loans at 46 percent, unchanged from December . Conventional loan refinances increased from 53 percent in December to 55 percent in January, while the refinance share of VA and FHA loans declined by 4 and 3 percentage points respectively. Conventional loans accounted for 71 percent of all loans closed during the month, up 1 point. FHA’s 16 percent share was 1 point lower than in December as was the 8 percent share of VA loans. Adjustable rate mortgages had a 6.3 percent share, up a point from December. The time to close all loans remained at 48 days for the…(read more)

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Source: Mortgage News Daily