As mortgage rates pushed higher, monthly refinance share continued to deflate. Compared to a year ago, conventional share grew at the expense of government share.
Two-thirds of single-family loans closed during April were conventional mortgages. The share of conventional transactions has widened from 63 percent in the same month last year.
At the same time, the share of originations that were mortgages insured by the Federal Housing Administration has thinned to a fifth from 23 percent in April 2017.
Source: Mortgage Daily