Compared to a year ago, conventional share has increased at the expense of government-insured share. Rising rates are impacting refinance share and, in turn, closing times.
Out of all the home loans that were originated during March, two-thirds were conventional mortgages. Conventional share widened from 63 percent a year previous.
The widening conventional share came at the expense of the share of loans insured by the Federal Housing Administration, which thinned to a fifth from 23 percent.
Source: Mortgage Daily