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.