Refinances Soar as 30-Year Note Rate Continues to Decline in August According to Latest Ellie Mae Origination Insight Report
Summary
“As we enter the fall and the market expects further rate cuts from the Fed, we will watch to see if the share of refinances continues to climb further.” The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country. The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999. To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the May 2019 applications—to calculate an overall closing rate of 77.3 percent in August 2019 (see full report). News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.