Refi Market Holding Steady As Rates Continue Downward Trend – NMP
Industry News

Refi Market Holding Steady As Rates Continue Downward Trend

Jun 17, 2020
Artistic shot of homes.
A headshot of Navi Persaud
Director of Events

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.
 
About the author
A headshot of Navi Persaud
Director of Events
Navi Persaud is Director of Events at NMP.
Link copied
Published
Jun 17, 2020
Get the NMP Daily
Non-QM
Home Equity Lending Could Overtake Non-QM In 2027

Lenders report rising second-lien production as homeowners protect low first-mortgage rates

Home equity lending is growing fast, and industry executives expect it to surpass Non-QM in origination volume as soon as 2027."I think equity originations are expected to surpass NonQM originations in 2027," said Tom Davis, chief sales officer at Deephaven Mortgage.The grow...

Continue reading
Analysis and Data
Home Contract Signings Hit Record October Low, Falling 17%

Realtor.com reports a sharp decline in purchase activity as higher rates erode borrowing power

Home contract signings fell 17% year over year in October, reaching their lowest level for the month on record, as higher mortgage rates continued to squeeze buyers out of the purchase market, according to Realtor.com's latest housing report.The annual decline was the steepe...

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