The share
of mortgages originated for home purchases hit its highest level since February
of 2020 in May. ICE Mortgage Technology’s Origination Insight Report for
the month put the share at 47 percent, four points higher  than in April. The
conventional share of originations dipped from 81 percent in April to 79
percent with FHA and VA loans each ticking up 1 percentage point to 11 percent
and 7 percent, respectively. The
30-year fixed interest rate averaged 3.27 percent for loans closed during the
month, up from 3.22 percent in April and 39 basis points higher than in January
of this year. Adjustable-rate mortgages (ARMs) averaged 3.6 percent, surpassing
the fixed rate for the first time since last June.

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