Refinances Account for Nearly Half of All Closed Loans – NMP
Industry News

Refinances Account for Nearly Half of All Closed Loans

Oct 16, 2019
Photo credit: Getty Images/Gerasimov174

Refinancing activity surged in September and comprised 49 percent of all loans in September, up from 43 percent in August, according to data from Ellie Mae.
 
While refinancing was in ascension, purchase loan percentages dropped to 51 percent of all total loans, the lowest level since March 2015. Ellie Mae also noted September was the first month in 2019 when conventional refinances rose above the 50 percent level for total conventional loans, accounting for 55 percent of conventional loans in the month while conventional purchases dropped to 45 percent. FHA refinances increased by one-percentage point to 28 percent of all closed FHA loans and VA refinances saw a three-percentage point gain to 37 percent.
 
During September, the time to close all loans rose to 43 days, up from 42 days the month prior. The time to close a refinance loan held at 39 days while the time to close a purchase loan increased from 45 days in August to 46 days in September. The average FICO score for all closed loans increased to 737, up from 734 the month prior.
 
“The continued decline in interest rates is driving the refinance revitalization that is now accounting for almost 50 percent of all closed loans in the month,” said Jonathan Corr, president and CEO of Ellie Mae. “The market is still anticipating further rate cuts by Treasury, so lenders should capitalize on leveraging technology to ensure they are responding to the growing number of refinance opportunities that come their way.”

 
About the author
Phil Hall
Link copied
Published
Oct 16, 2019
Get the NMP Daily
Non-QM
ResiCentral Expands Non-QM Lending With 90% LTV, 55% DTI Options

New Advantage program offers more flexibility for borrowers with past credit events, self-employed buyers using bank statements, and real estate investors

ResiCentral is expanding its Non-QM lending options with a new program offering up to 90% loan-to-value (LTV) financing, debt-to-income (DTI) ratios as high as 55%, and more accommodating guidelines for borrowers with past credit events.The wholesale and non-delegated corres...

Continue reading
Analysis and Data
Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News
Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News
Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News
Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News
Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News
Oct 09, 2026
Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News
Oct 08, 2026