The share of refinances originated during
a month dropped below 60 percent in April for the first time since September
2020. ICE Mortgage Technology, in its Origination Insight Report for the
month, put the share at 56 percent, down from 63 percent the following month.
The corresponding increase in purchase loans, 43 percent, was the highest since
last August. The report also notes a further decline in
the average time to close all loans to 51 days. It was the fourth consecutive
decrease since January when closing time averaged 58 days. The 1 day decline
was due to a 2 day shortening of the purchase loan timeline to 49 days, offset
by refinancing time which ticked up 1 day to 52.