Posted To: MND NewsWire

The refinance share of loans originated in August rebounded slightly from July levels as interest rates fell to the lowest in Ellie Mae’s history. The company’s Origination Insight Report says the average rate on all loans fell to 3.09 percent during the month, down from 3.24 percent in July. The 30-year note rate VA loans fell below 3 percent to 2.86 percent from 3.02 percent in July. The 30-year note rate on conventional loans dropped to 3.12 percent from 3.26 percent in July. Similarly, the 30-year rate on FHA loans fell from 3.26 percent to 3.10 percent. As a result of these rates, the refinance share grew to 56 percent of all loans, up from 54 percent in July. The purchase mortgages share dipped to 44 percent from 46 percent. “Interest rates are at historic lows, driving volume across…(read more)

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Source: Mortgage News Daily