FHA Market Share Continues to Ease, Refinancing at Recent Highs

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Posted To: MND NewsWire

The share of refinancing relative to all mortgage originations increased sharply in January, rising from 69 percent the previous month to 73 percent while purchase applications hit an historic low. The information comes from Ellie Mae's Origination Insight Report and is compiled from the approximately 3 million loan originations utilizing its software and origination management systems. The refinancing share of closed loans in January was the highest since Ellie Mae began producing its report in August 2011, an increase of 4 percentage points from December. Purchase applications had a 27 percent market share, down from 31 percent in December and the lowest in Ellie Mae's reporting history. Purchase applications averaged a 38 percent share in 2012. FHA loans continued a gradual decent in market...(read more)

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Source: http://www.mortgagenewsdaily.com/02202013_ellie_mae_loan_metrics.asp

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