Mortgage refinancing in high demand as rates fall lower

The resurgence of refis

Now that mortgage rates have hit their lowest point all year, it seems homeowners are clamoring to refinance. According to Ellie Mae’s latest Origination Insight Report, mortgage refinancing accounted for 39 percent of all closed loans last month. That's the highest refi share since February.

October refis, closed loans

Ellie Mae’s Origination Insight Report samples data from 80 percent of all mortgage applications initiated using its platform. According to October’s recently released report, refinances accounted for nearly 40 percent of all loans that month – up from just 47 percent one year ago.

October saw mortgage rates fall to 4.20 percent – a new low for 2017 (though rates have dropped more since then.) According to Ellie Mae’s CEO and President, Jonathan Corr, these ever-dropping rates are spurring serious demand for refinancing.

“We are continuing to see borrowers take advantage of the lower interest rates as the refinance percentage increased to 39 percent of total loans in the month,” Corr said. “We saw increases in October across all loan types, with FHA refinances at 23 percent, conventional refinances at 46 percent and VA refinances at 32 percent of all closed loans.”

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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.