Ellie Mae: Refinance Share of Mortgage Activity Fell to 30%

The refinance share of total mortgage origination volume in May fell to 30%, down from 34% in April and down from 32% in May 2017, according to Ellie Mae’s Origination Insight report.

The average number of days to close a mortgage was 41 – unchanged from April and March.

The adjustable-rate mortgage share of activity was about 6.6%, also the same as the previous month.

The closing rate was 70.2%, up slightly from 69.5% in April.

The average FICO score for all closed loans was 724.

The report is based on a sampling of approximately 80% of all mortgage applications that were initiated on Ellie Mae’s Encompass loan origination system.

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