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January Refinacing Share was 18 Month High

Friday, February 20, 2015

Loans for home refinance made up 51 percent of all loan originations in January, an 8 percent jump compared to December.   Ellie Mae's Origination Insight Report said this was the highest share refinancing has had in more than 18 months. 

Refinancing hit a low at 32 percent in July but as interest rates retreated from early 2014 highs, the share of refinancing increased steadily.  In all of 2014 refinancing averaged a 38 percent share of originations.  Despite the jump in volume, the average time to close a refinance loan fell from 42 days to 39 days.

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