According to Ellie Mae’s
Origination Insight Report, loans closed during November had an average note
rate of 2.97 percent. The
30-year note rate for FHA and Conventional loans dropped below the three percent
mark for the first time
, averaging 2.99 percent. The note rate on VA loans
continued to decrease, hitting 2.72 percent. Refinances constituted 61 percent of
total closed loans
in the month, 1 point more than in October and 12 points higher
than the November 2019 level. The distribution of loans across lenders held relatively
steady with conventional loans accounting for 82 percent of total originations
and FHA at 10 percent, both unchanged from the previous month. The share of VA
loans increased from 5 to 6 percent.


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