The May Origination Insight Report from Ellie Mae reported the 30-year note rate dropped for the fifth straight month in April. Even better for consumers, as the 30-year note rate declines month after month, we are seeing the purchase and refinance activity on the rise.

Other statistics of note in May included:

  • The percentage of refinances decreased to 32% while purchases made up 68% of total closed loans.
  • The percentage of Adjustable Rate Mortgages (ARMs) decreased in April.
  • Closing rates increased to 76%, up from 75% in April.

All good news for those looking to work with money to improve your home.

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