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.
Show Prep Source: https://www.elliemae.com/mortgage-data/origination-insight-reports
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