Last month saw a significant surge in refinance share. While loan-to-value ratios tightened, other metrics were more flexible. Turn times have sped up over the past year.

Of all single-family loans closed during January, 67 percent were conventional mortgages, more than the 66 percent share in the first month of last year.

Mortgage insured by the Federal Housing Administration accounted for 19 percent of last month’s production, less than 21 percent a year previous.

Source: Mortgage Daily