Purchase originations continued to outpace refinances for the third consecutive month, according to the latest report from Ellie Mae.
In its Origination Insight Report, Ellie Mae reported that 58 percent of all mortgages in May were purchase originations, up 6 percent from April.
“Our May data reflects a home buying season in full swing,” Ellie Mae President and CEO Jonathan Corr said. “While the share of purchase loan volume is lower than it was one year ago, lower mortgage rates has given some help to refinancing volumes and share.”
According to the latest report, the average 30-year rate on all closed loans fell slightly for the first time since February, from 4.062 percent to 4.013 percent.
The overall closing period for all loans rose one day to 46 days. That is now the longest closing time tracked by the Origination Insight Report since July and July 2013, when it was 47 days. Among the concerns of the mortgage industry as the TILA-RESPA Integrated Disclosure rules near their effective date was the impact they would have on the length of time mortgage loans would take to close.
The report also found that the overall closing rate for purchase loans rose to 68.2 percent, its highest mark since January and nearly 5 percent higher than the average from 2014.