Exploring recent trends in digital originations for mortgage lenders, highlighting the role of fintech and AI in reshaping the lending process.
Estimated reading time: 0 minutes, 29 seconds
As the interest rate on a 30-year fixed-rate mortgage dropped for a ninth straight month in September, refinances climbed to account for nearly half of all loans. That’s according to Ellie Mae in its September Origination Insight Report.
!--more-->
Refinances’ share of all loans was 49% in September, a rise of six percentage points from August.
Conventional refinances made up 55% of conventional loans in September, marking the first month this year that conventional refinances have composed more than half of conventional loans. Meanwhile, FHA refinances accounted for 28% of all closed FHA loans.
