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Higher FICO Scores Indicate Lenders are Being More Selective

Posted To: MND NewsWire

The refinancing share of originations increased again in September, rising 2 points to 58 percent of all loans. Ellie Mae’s Origination Insight Report for September shows the increase came almost inclusively in conventional loans where the refi share jumped 5 points to 66 percent. The refinancing share of VA loans rose 1 point to 20 percent while the FHA share was unchanged at 15 percent. The reciprocal share, 42 percent, of purchase mortgages is a significant drop from 50 percent in January, but Ellie Mae notes it is well above the May low of 35 percent of all closed loans. The increase in refinancing was undoubtably in response to a further decline in the 30-year note rate . The average for all loans was 3.00 percent, down from 3.09 percent in August. Ellie Mae said this rate was the lowest…(read more)

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