A bigger share of borrowers who closed on their home loans last month were refinancing an existing mortgage than the preceding month. Closing rates climbed to a 12-month high.

Two-thirds of all single-family loans that were closed during August were conventional mortgages. Conventional share has widened from the same month last year, when it was 64 percent.

On the other side of the year-over-year gain were loans insured by the Federal Housing Administration, with the share retreating to a fifth from 22 percent in August 2017.

Source: Mortgage Daily