fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

Average Loan Taking Almost 2 Months to Close, But With Record Low Rates

Thursday, November 19, 2020

Ellie Mae said the interest rate across all closed loans dropped  below 3 percent for the first time in the nine years the company has been tracking the data. Ellie Mae is now a part of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc., a NYSE listed firm.

The company's Origination Insight Report shows that the 30-year note rate for VA loans was 2.75 percent, 3 basis points lower than in September, while the Conventional rate dipped from 3.02 percent to 3.01 percent and FHA loans held steady at 3.01 percent. The rate across all loans was 2.99 percent.

With rates so low, refinances continued to dominate originations, reaching 60 percent of total closed loans in the month, up from 58 percent in September. This bested the 2019 high, which also was in October, by 9 percentage points but is well below the peak 2020 share of 65 percent in both April and May.

Read Full Article

Testimonial

"We appreciated that Mark took time to explain the different options to us as first time homebuyers. He gave us tips about making an additional payment each year and spoke with us about tax credits. He finds out what you already know by asking you questions and then helps you without making you feel unknowledgeable. We were very satisfied with the service. We plan to refer Mark to family and friends that are looking to purchase or refinance."
Kelsey & Eric B.