Loans for home refinance made up 51 percent of all loan
originations in January, an 8 percent jump compared to December. Ellie
Mae’s Origination Insight Report said
this was the highest share refinancing has had in more than 18 months.
Refinancing hit a low at 32 percent in
July but as interest rates retreated from early 2014 highs, the share of refinancing
increased steadily. In all of 2014
refinancing averaged a 38 percent share of originations. Despite the jump in volume, the average time to
close a refinance loan fell from 42 days to 39 days.