Refinance Share Fell to 43% of All Mortgages in February

Refinances in February fell to 43% of total mortgage origination volume, according to Ellie Mae’s Origination Insight Report, which is based on data voluntarily provided by lenders using the software firm’s Encompass loan origination system.

The drop in defiance volume was, of course, due mainly to rising interest rates. The average interest rate for a 30-year fixed rate mortgage in February was about 4.48%, up from 4.33% in January.

The average number of days to close a mortgage (all types) in February decreased to 42 days, down from 44 days in both January and December.

The average number of days to close a refinance dropped from 40 days to 37 days. The average number of days to close a purchase fell from 47 days to 45 days.

Adjustable-rate mortgages accounted for about 5.5% of total volume – the same as January.

The average closing rate was 70.6%.

The average FICO score for all closed loans was 721, the same as January but down significantly compared with October 2016 when it was around 730.

To check out the full report, click here.

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