Ellie Mae: Purchase Market Reigns Over Refinances – NMP Skip to main content

Ellie Mae: Purchase Market Reigns Over Refinances

May 18, 2017
Home loans for purchases continued to dominate the mortgage market in April, according to new data from Ellie Mae

Home loans for purchases continued to dominate the mortgage market in April, according to new data from Ellie Mae.
 
In the latest Origination Insight Report issued by the Pleasanton, Calif.-based company, home loans for purchase represented 65 percent of total loans from last month, while refinances represented 35 percent of total loans. Loan closing times also became speedier: the average time to close all loans dwindled to 42 days in April, down from 43 days in March. The time close a purchase loan dropped from 43 days in March to 42 days in April, while closing for refinances dropped from 43 days in March to 41 in April.
 
Ellie Mae also determined the average 30-year note rose from 4.39 percent in March to 4.41 percent in April, while the percentage of adjustable-rate mortgages went from 5.6 percent in March to 5.9 percent in April, which was also the highest point for this product since November 2014.

 
About the author
Published
May 18, 2017
Garg Claims Majority In Better Fight, Board Poised To Honor Vote

Founder says he secured more than 51% of voting power to remove five directors, pending confirmation by a third-party inspector

Oct 01, 2026
Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings

After four months of testing, Rocket will make VantageScore 4.0 its preferred model for eligible retail loans while keeping both scoring options available to brokers

Sep 29, 2026
CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Sep 23, 2026
Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Sep 23, 2026
Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

Sep 23, 2026