The percentage of loan applications which become closed loans slipped from March's high last month, according to Ellie Mae's Origination Insight Report.

Closing rates for all loans fell to 69% from 71% a month earlier in April, Ellie Mae reported Wednesday. That drop was underpinned by decreases across both refinances and purchases. The refinance closing rates for April fell a percentage point from March to 65%, while purchase closing rates dropped to 73% from 75%.

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