Posted To: MND NewsWire

The share of mortgages originated for home purchases hit its highest level since February of 2020 in May. ICE Mortgage Technology’s Origination Insight Report for the month put the share at 47 percent, four points higher than in April. The conventional share of originations dipped from 81 percent in April to 79 percent with FHA and VA loans each ticking up 1 percentage point to 11 percent and 7 percent, respectively. The 30-year fixed interest rate averaged 3.27 percent for loans closed during the month, up from 3.22 percent in April and 39 basis points higher than in January of this year. Adjustable-rate mortgages (ARMs) averaged 3.6 percent, surpassing the fixed rate for the first time since last June. The time to close all loans rose slightly, from 51 to 53 days. Refinance loans took two…(read more)

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Source: Mortgage News Daily