As interest rates continued to decline in April, dropping to 3.48 percent from 3.65 percent, the percentage of refinances climbed, according to Ellie Mae’s latest Origination Insight Report.
During April, refinances represented 65 percent of closed loans, up from 55 percent in March and 51 percent in February, Ellie Mae found.
“We’re also seeing FICO scores increase as lenders manage the current economic uncertainty by tightening credit,” Ellie Mae President and CEO Jonathan Corr said in a release.
“Ellie Mae has seen record volumes on our Encompass Digital Lending Platform in recent weeks, indicating that by leveraging digital mortgage technology, our lenders are able to serve their customers through this time of rapid change,” Corr said.
According to the report, the time to close all loans increased to 42 days in April, up from 40 days in March. FICO scores on all loans increased to 749 in April, up from 742 in March.