Purchase Mortgage Volume Rebounds in May: Ellie Mae

Residential mortgages for new purchases increased in May, after a steady decline for the previous 12 months, according to Ellie Mae's monthly volume report.

Purchase mortgages made up 58% of closed loans in May, said Ellie Mae, a Pleasanton, Calif., provider of mortgage software and services. That's up from 52% in April. The figure had declined from 66% in May 2014.

"Our May data reflects a home-buying season in full swing," Jonathan Corr, chief executive of Ellie Mae, said in a news release.

Refinancings made up 42% of closed loans in May, down from 47% in April.

The number of days to close a mortgage, either refinancing or purchase, increased by one day in May, to 46 days, compared to April.

The average rate for a 30-year mortgage fell to 4.013% in May, from 4.062% in April.