The dominance of conventional lending continued to grow in May . Ellie Mae’s Origination Insight Report says those loans made up 82 percent of originations during the month, up from 81 percent in April and 70 percent at the end of 2019. The FHA share has shrunk from 17 percent to 9 percent over that period and VA loans had a 6 percent share, down from 9 percent. The company’s reports that the interest rate on all loans closed in May averaged 3.43 percent, down from 3.48 percent in April. The conventional 30-year rate averaged 3.44 percent, down 4 basis points, and the FHA and VA rates dropped 9 basis points and 7 basis points to 3.45 percent and 3.24 percent, respectively. As rates dropped, the percentage of refinances held steady at 65 percent of closed loans in May. The VA share of purchase

2020-06-18 16:07:46

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Courtesy of Mortgage News Daily

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