Home purchase loans have once again taken the majority share of originations, although volume shrunk by 11% from the same time last year, according to a new report from mortgage software and service provider Ellie Mae.
The purchase loan figure — 52% this April — represents a significant drop from a year ago though it is an increase of 6% from March. Correspondingly, refinances are up 10% from April of last year and down the same 6% from last month.
The closing period for all loans rose one day, to 45 days on average, and the overall application to closing pull-through rate for loans rose above 65% (65.2% to be exact) for the first time since Ellie Mae began tracking the metric in August 2011.
"An improving economy and ongoing attractive rates seem to be contributing to the rise in purchase percentage as we move full speed into the spring buying season," said Ellie Mae president and CEO Jonathan Corr in a press release.
