Purchase loan volume
The Pleasanton, Calif.-based company said that the closing rate for purchase loans was 67.1% — the highest level since August 2011, when Ellie Mae began tracking this information.
The average interest rate for a 30-year fixed mortgage fell 34 basis points, to 4.25%, compared to a year earlier.
"While many observers thought rates would rise last year, lenders were instead treated to at least a little more refinancing volume," said Jonathan Corr, president and chief operating officer at Ellie Mae, in a press release Wednesday.
Additionally, the percentage of closed loans with FICO scores above 700 was 31%, the same as last year.
