Lenders in January saw their share of refinancing activity jump eight percentage points to comprise 51 percent of all loan volume, the highest level in more than a year and a half, according to the latest Ellie Mae Origination Insight Report. Meanwhile, the closing rate for all loans rose for the fifth consecutive month to 62.4 percent, the highest level since Ellie Mae began tracking this data in 2011.
According to the January Origination Insight Report, the average interest rate for a 30-year fixed rate mortgage fell from 4.251% to 4.154%, more than one half of a percent lower than the January 2014 rate of 4.723%. Rates are at their lowest level since July 2013, according to Ellie Mae’s data.
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