Skip to main content

Refi Market Holding Steady As Rates Continue Downward Trend

Navi Persaud
Jun 17, 2020
Artistic shot of homes.

With interest rates continuing their downward trend, mortgage refinances have continued to come in at a steady pace, as Ellie Mae's Origination Insight Report showed a 0.05% decline in interest rates on all closed from April to May 2020. 
"Interest rates continued to decline in May, but we are seeing signs of refinances leveling out, as the percentage of closed refinances held at 65% for the second month," said Jonathan Corr, president and CEO of Ellie Mae. "As we enter the summer months that typically bring a busier purchase market, we will watch to see if the numbers shift further as homebuyers continue to take advantage of low rates and a loosening of inventory after a tight March and April driven by the shelter in place."
According to the report, the 30-year rate on conventional loans fell from 3.48% to 3.44%, the 30-year rate on FHA loans fell from 3.56% in April to 3.45% in May. Ellie Mae's report also stated that the time to close all loan increased to 45 days in May, up three days from the previous month. 
Click here to read more about Ellie Mae's latest Origination Insight Report.

Jun 17, 2020
Williston Financial Group, Doma Strike Deal

WFG is set to acquire Doma’s title operations, including operation centers in the Northern and Central California.

May 24, 2023
Mat Ishbia Takes A Charge At NBA Playoff Game

UWM CEO and majority owner of the Phoenix Suns involved in scuffle with Denver center Nikola Jokic

May 08, 2023
The Pitfalls Of Cash-Out Refinancing In A Rising Interest Rate Environment

Second-lien home equity loans are a far better way to take out cash

May 02, 2023
NEW YORK: How To Conquer - Not Fear - The Empire State

Roadblocks are many but payoff is worth it

May 01, 2023
RCN Capital Opens LA Office

Expansion marks lender's continued success.

Apr 26, 2023
Trigger Lead Legislation Renews Debate Over Consumer Choice

Borrowers can protect themselves from unsolicited lenders, but they could be doing themselves a disfavor

Apr 20, 2023