Average Loan Taking Almost Two Months to Close, But With Record Low Rates

Posted To: MND NewsWire

Ellie Mae said the interest rate across all closed loans dropped below 3 percent for the first time in the nine years the company has been tracking the data. Ellie Mae is now a part of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc., a NYSE listed firm.

The company’s Origination Insight Report shows that the 30-year note rate for VA loans was 2.75 percent, 3 basis points lower than in September, while the Conventional rate dipped from 3.02 percent to 3.01 percent and FHA loans held steady at 3.01 percent.

The rate across all loans was 2.99 percent. With rates so low, refinances continued to dominate originations, reaching 60 percent of total closed loans in the month, up from 58 percent in September. This bested the 2019 high, which also was in October, by 9 percentage…(read more)

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Article From: "Jann Swanson"   Read full article

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