Ellie Mae said the interest rate across all closed
loans dropped  below 3 percent for the
first time in the nine years
the company has been tracking the data. Ellie Mae is
now a part of ICE Mortgage Technology, a division of Intercontinental Exchange,
Inc., a NYSE listed firm.

The company’s Origination Insight Report shows that
the 30-year note rate for VA loans was 2.75 percent, 3 basis points lower than
in September, while the Conventional rate dipped from 3.02 percent to 3.01
percent and FHA loans held steady at 3.01 percent. The rate across all loans was
2.99 percent.

With rates so low, refinances
continued to dominate
originations, reaching 60 percent of total closed loans
in the month, up from 58 percent in September. This bested the 2019 high, which
also was in October, by 9 percentage points but is well below the peak 2020
share of 65 percent in both April and May.

…(read more)

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