February was the second month in a row that refinancing made
up more than half of all mortgage originations.
Ellie Mae’s latest Origination
Insight Report said that the refinancing share of originations jumped 8
percent from the January level to comprise 59 percent of lenders’ loan
volume. Refinancing had averaged a 38
percent share throughout 2014, never rising above 50 percent after reaching a
high water market of 47 percent in January of that year. Despite the spike in refinancing lenders took
an average of 36 days to close those loans, the shortest timeframe since Ellie
Mae began tracking that data in August 2011.
“The drop in the average 30-year fixed
rate in last few months has kept lenders busy with increased refinance
business,” said Jonathan Corr, president and CEO of Ellie Mae. “Considering the
demand, the fact that lenders are taking fewer days to close the average refi
loan is very good news.”