Refinancing again dominated mortgage originations in August
after falling below a 50 percent market share in both June and July. ICE
Mortgage Technology’s Origination Insight Report put the refinancing share of
closed transactions at 52 percent, up from 49 percent in July and 48 percent in
June. Purchase loans dipped three percentage points from July to 47 percent of
closed loans. The distribution of loans by product type was
essentially unchanged from the prior month. Eighty percent of originations were
conventional loans, up 1 point, while the FHA and VA shares were unchanged at
12 percent and 5 percent, respectively. The average 30-year note rate was 3.17
percent, down from 3.25 percent in July.

 

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