The share of refinancing activity as part of the origination market fell in July, according to the Ellie Mae Origination Insight Report released Wednesday.
The report found that refis dropped to just 36% of overall origination activity, down two percentage points from June. While this is four percentage points higher than a year ago, that figure is small in comparison with the 51% share in January.
Purchase activity consequently rose two percentage points month-over-month to 63%. And just under two-thirds of loan applications in July closed, the highest level since
"Mortgage rates appear to be rising in anticipation of the Federal Reserve's first rate increase since the global financial crisis,"
"However, credit availability appears to be broadening, which is certainly good news for consumers and the housing market."
The average 30-year rate rose to 4.288% in July from 4.118% the month prior.
